The advanced PMI index for September added to the abysmal outlook for the euro area with the key sectors slipping into contraction and adding to jitters of a new recession.

The flash PMI composite index that gauges the aggregate economic performance slipped to 49.2 from 50.7 and below the expected 49.8.

The manufacturing PMI deepened the contraction to 48.4 from 49.0 and was also below 48.5 expected while the services PMI slipped this month into contraction at 49.1 from 51.5 and below 51.0 expected.