The HCOB Flash Eurozone Composite Output Index--a gauge of activity in the manufacturing and services sectors--fell to 46.5 in October from 47.2 in September, hitting its lowest level in just under three years. Faltering services activity is particularly worrying, he said. A eurozone recession in the second half of 2023 looks increasingly likely, he added. The slump in activity is indeed not pretty, said Claus Vistesen, chief eurozone economist at Pantheon Macroeconomics. Germany--the eurozone's largest economy--looks in particular to be heading for recession, Vistesen said.

Source: Wall Street Journal October 24, 2023 14:58 UTC