The service sector in the euro zone expanded for the first time in 16 months in September.Surveys of around 2,000 companies carried out by the data provider Markit led them to calculate their Purchasing Managers Index at 50.6 up from August’s 49.9. A figure above 50 indicates growth. The same organisation’s manufacturing index also improved in September though not by as much as economists had hoped. However output in the manufacturing sector did expand for the second consecutive month. On the jobs front things are looking grimmer though. Markit’s composite employment index slipped further in September as firms continue to lay people off in an effort to cut costs and stay afloat.
Euro zone services and manufacturing improve