Euro-Area Services, Manufacturing Contracted in March: Economy

Euro-area services and manufacturing output contracted more than economists forecast in March, adding to signs the economy has slipped into recession.

A euro-area composite index based on a survey of purchasing managers in both industries dropped to 48.7 from 49.3 in February, London-based Markit Economics said in an initial estimate today. Economists forecast a gain to 49.6, according to the median of 21 estimates in a Bloomberg News survey. A reading below 50 indicates contraction.