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Europe’s three largest economies contracted last month, causing the broader eurozone to retreat, as demand fell and confidence waned.
Germany, France and Italy all experienced contractions in September, the first time they have done so simultaneously this year.
Contraction: Germany, France and Italy all experienced contractions in September, the first time they have done so simultaneously this year.
The bloc’s purchasing managers’ index fell from 51.0 in August to 49.6, on a scale where the 50 mark separates growth from contraction, and meaning the eurozone economy shrank by first time since February.
Germany, suffering deepening industrial decline, is Europe’s largest economy and led the crisis.
France faded after an Olympics-fueled boost, while Italy contracted marginally.
Cyrus de la Rubia, an economist at the Commercial Bank of Hamburg, which compiled the survey, said: “It is in Germany where things look bleaker, with companies cutting staff.” “This is where the recession is being felt in the manufacturing sector.”
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