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Markit Eurozone Services PMI - 46.4!

As manufacturing activity drops in the Eurozone so does services. With Eurozone Manufacturing PMI coming in at 47.1 for October,  the drop in services business activity should not be a big surprise. What is alarming is the magnitude of the drop.

From the Markit Press Release on 11/4.

Data collected 12–26 October
- Final Business Activity Index at 46.4 in October, below flash estimate of 47.2
- France falls abruptly back into contraction; modest growth in Germany and Ireland
- Jobs growth stalls and business confidence slumps to lowest level since March 2009 

From a separate German Government release posted on Bloomberg 11/4.

"Domestic factory orders fell 3 percent in September and export orders dropped 5.4 percent, led by a 12.1 percent plunge in demand from other euro-area countries, today’s report showed. Orders for investment goods declined 4.6 percent, while consumer goods orders rose 2.3 percent."