European Manufacturing PMI Slows Amid Spreading Economic Malaise

European manufacturing PMI slowed further in September ahead of the European Central Bank's policy meeting on Thursday. Data firm Markit's monthly survey of purchasing managers showed the headline measure fell to 50.3 from 50.7 in August. Germany's manufacturing PMI signaled a contraction, dropping to 49.9 in September from 51.4 in August. France's PMI fell to 48.8, showing the most weakness, while Spain posted the highest reading of 52.6. Markit's chief economist Chris Williamson said, 'In a sign of spreading economic malaise, Germany, Austria and Greece all joined France in reporting manufacturing downturns in September.'