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Slowdown in euro zone factories speeds up

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Slowdown in euro zone factories speeds up

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Manufacturing in the euro zone contracted at its fastest pace for two years last month.

The latest survey showed factories were forced to cut their workforces as a result of the downturn helping to push unemployment in the bloc as a whole to 10.3 per cent.

Earlier data showed factories in the powerhouse economies of Germany and France slowed at a rate not seen for more than two years, with contraction in Spain and Italy too.