Euro-Zone Manufacturing, Services Slips to Record Lows

Manufacturing and services in the Euro-Zone contracted for the fourth consecutive month, with both indices falling to fresh record lows as firms face slowing demands amid higher input costs. The manufacturing PMI plunged to 45.3 from 47.6, while the services PMI slipped to 48.2 from 48.5. Stagnant growth among the 15 European nations suggests that conditions may only get worse as the global economy cools, and may lead the ECB to focus on the downside risks to growth.