mpc: 9 Euro-area output appeared to have been growing at around its trend rate in the first half of the year.
Indicators for the second half were mixed but suggested continued steady growth. On the output side,
euro-area industrial production had fallen in August after a small rise in July. Purchasing managers
indices (PMIs) for manufacturing had dropped in October, the third consecutive monthly fall, but had
risen slightly for services. However, both indices remained consistent with moderate expansion.
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