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Economics

European Manufacturing, Services Shrink Most Since 2009

European services and manufacturing output contracted at the fastest pace in more than two years in October, adding to recession signs as government leaders try to stamp out the sovereign-debt crisis.

A euro-area composite index based on a survey of purchasing managers in both industries fell to 47.2 from 49.1 in September, London-based Markit Economics said in an initial estimate today. That’s the lowest since July 2009 and below the 48.8 forecast by economists, according to the median of 17 estimates in a Bloomberg survey.