Survey points to further slowdown in eurozone economic recovery

LONDON – Further evidence has emerged to show that the economic momentum across the 18-country eurozone is petering out.

In its monthly survey, financial information company Markit said Tuesday that its purchasing managers' index for the eurozone — a gauge of business activity — fell to a nine-month low of 52.3 in September from the previous month's 52.5.

Though anything above 50 indicates expansion, the survey found that France remains a laggard.

It also suggested that growth may slow further in the fourth quarter as new manufacturing orders fell for the first time in 15 months.

Markit's chief economist, Chris Williamson, says the danger is that the European Central Bank's recent efforts to stimulate the eurozone economy will "prove ineffective in the face of such headwinds."