Euro-Area Manufacturing, Services Shrink More Than Estimated

European services and factory output contracted more than initially estimated in December, adding to signs a recession in the region may extend into this year.

A composite index based on a survey of purchasing managers in both industries was revised down to 47.2 from an initial estimate of 47.3 published on Dec. 14, London-based Markit Economics said in a report today. That compares with 46.5 in November. A reading below 50 indicates contraction.