The euro area private sector contracted again in September

Business activity in the euro area private sector contracted again in September, according to the preliminary PMI® survey. This was the first drop in output in seven months, accompanied by a continued decline in new orders. In fact, new orders fell by the largest amount since January. New orders and backlogs continue to fall at a sharp pace and business confidence has hit a ten-month low, causing companies to reduce their workforce for the second month in a row.