European Services, Manufacturing Expansion Slowed in July

European services and manufacturing growth weakened in July to the slowest pace in almost two years, adding to signs the euro region’s recovery is losing momentum.

A composite index based on a survey of euro-area purchasing managers in both industries fell to 51.1 in July from 53.3 in June, London-based Markit Economics said today. That’s the lowest since September 2009, though it exceeds an initial estimate of 50.8. A reading above 50 indicates growth.