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2010-09-23 09:17:37
Volkswagen factory in Dresden, Germany German manufacturing was also hit in the broad-based Eurozone slowdown
The brisk recovery in eurozone service and manufacturing cooled sharply in September, a survey showed.
The slowdown was particularly marked in Germany, according to the purchasing managers index (PMI) put out by Markit.
Its composite eurozone index gave a reading of 53.8, the lowest in seven months and down from 56.2 in August, but still showing moderate expansion.
Markets, who had expected a level above 55, showed their disappointment as stocks gave up their opening gains.
A reading above 50 indicates expansion.
French optimism
The data suggests that the eurozone will still register strong growth for the third quarter, but that the pace henceforth may be slower.
The slowdown was particularly marked in manufacturing, with the eurozone manufacturing PMI falling to an eight month low of 53.6, although in France the sector did better than expected.
The quieter pace of expansion in September follows months of brisk recovery, as a revival in manufacturing and exports helped to drag the eurozone economy back from the depths of the 2008-09 recession.
Despite the weak data, Markit also revealed that business confidence continued to rise.
Its service sector business expectations index rose to 68.1, from 67.1 in August, with the optimism most pronounced in France.