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European Manufacturing, Services Output Shrank Last Month

Euro-region services and manufacturing output contracted more than initially estimated in April, adding to signs of a deepening economic slump.

A euro-area composite index based on a survey of purchasing managers in both industries dropped to 46.7 from 49.1 in March, London-based Markit Economics said today. That’s the fastest rate of decline since October and below an estimate of 47.4 published on April 23. A reading below 50 indicates contraction.