Daily News: August 23, 2012

Bloomberg: Euro-Area Services, Manufacturing Contract in August

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.

To read the full Bloomberg article click here.