Eurozone growth falters further at the start of 2019: survey

Long exposure picture shows car lights of commuters driving down to the city of Frankfurt, Germany, Tuesday, Feb. 5, 2019. (AP Photo/Michael Probst)

LONDON — A closely watched survey shows that economic growth across the 19-country eurozone dipped further at the start of 2019 to its lowest level in five-and-a-half years.

Financial information company IHS Markit said Tuesday that its composite purchasing managers index — a gauge of business activity across the manufacturing and services sector — fell to 51.0 points in January from 51.1 the previous month. Anything below 50 indicates a contraction in activity.

As a result, the firm said its survey suggests that the eurozone is growing at a tepid 0.1 percent quarterly tick at the start of the year.

Chris Williamson, chief business economist at the firm, said a manufacturing and export-led slowdown has "shown increasing signs of infecting the service sector."

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