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(CEP News) Frankfurt - Following the release of Italian purchasing managers index figures, along with final estimates on both the French and German services PMIs, Markit Economics reported that the services sector in the euro zone continued to deteriorate as the services PMI fell to a series low in December with a revision to 42.1 from the original estimate of 42.0.
December's reading is much lower than November's 42.5 print. "The final euro zone PMI indicates a 0.6 percent fall in GDP in the fourth quarter. Although some encouraging -- but only tentative -- signs of a bottoming-out were evident in Spain and Italy, the downturn gathered momentum in Germany and France," said Markit Economics chief economist Chris Williamson. According to the research firm, the employment component of the PMI recorded a notable decline in the month, falling to 46.2, its lowest point since August 2003. With the releases of the euro zone manufacturing PMI in December 2008, the final composite PMI came to 38.2 for the month, down from both the 38.3 figure expected and November's 38.9 level. The euro is currently trading down 1.38% at 1.3436 USD. Written by CEP News European Staff in Frankfurt,
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, edited by Nancy Girgis,
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