Bloomberg reported that euro-area services and manufacturing output contracted for a seventh straight month in August, adding to signs of a deepening economic slump as European leaders struggle to contain the fiscal crisis.

Citing information from London-based Markit Economics, Bloomberg said a composite index based on a survey of purchasing managers in both industries in the 17-nation euro-area rose to 46.6 from 46.5 in July, A reading below 50 indicates contraction.

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