LONDON – A closely watched survey is showing that the economic recovery across the 18-country eurozone is proving to be even more subdued than previously thought.
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Financial information company Markit says Friday that its monthly purchasing managers index — a gauge of business activity — was 52.0 in September. That's a 10-month low and down on the initial estimate of 52.3.
Though anything above 50 indicates expansion, the survey provides further evidence that the eurozone is crawling forward at best, as it remains hobbled by broad-based debt problems and sky-high unemployment.
Furthermore, Markit says France and Italy, the eurozone's number 2 and 3 economies, are witnessing downturns. There have been many complaints, notably from European Central Bank chief Mario Draghi, that the two countries have been slow in reforming their economies.