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.
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.
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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.