Figures released earlier in the day shows the eurozone economy has contracted further at the end of the third quarter this year. Both business activity and new orders in the eurozone’s services sector continues to fall, leading to mounting job losses.
Markit’s Eurozone Services PMI fell to 46.1 in September, down from August and hitting its lowest level since July 2009. This means, business activity has fallen in each of the past eight months. A sub-index for companies’ outlook is also negative, which analysts say is due to the ongoing weakness of demand. Meanwhile, September sees new businesses decline for the 13th month running, and at the quickest pace since mid-2009.