Euro-Area Services, Manufacturing Growth Holds at 2-Year Low

European services and manufacturing growth held steady in August at the slowest pace in almost two years, adding to signs the euro-region recovery is losing momentum as the sovereign debt crisis persists.

A composite index based on a survey of euro-area purchasing managers in both industries held at 51.1, the same as July’s reading and the lowest since September 2009, London-based Markit Economics said today. Economists forecast a drop to 50, the median of 15 estimates in a Bloomberg News survey showed. A reading above 50 indicates growth.