Eurozone business activity weakened last month as new orders came in at a slower pace than first reported and fewer jobs were created, even as services firms raised prices for the first time in four years, surveys showed yesterday.

The data point to modest third-quarter growth and, coming six months after the European Central Bank launched its €60 billion a month quantitative easing programme, are likely to disappoint policymakers.

“The final PMI reading came in slightly below the earlier flash estimate but still leaves a signal of the eurozone economy having expanded 0.4 per cent in the third quarter,” said Chris Williamson, chief economist at survey compiler Markit.

“However, the failure of the economy to pick up speed over the summer will be a disappointment to the ECB, especially with job creation sliding to an eight-month low.”

Markit’s final September Composite Purchasing Managers’ Index (PMI) came in at a four-month low of 53.6 and weaker than an earlier estimate of 53.9. In August, it was 54.3. The index has been above the 50 mark denoting expansion since July 2013.

The PMI for the dominant service industry dipped as well, settling at 53.7 from August’s 54.4 and lower than a flash estimate of 54.0. A similar survey of manufacturing firms released on Thursday had also fallen, to 52.0 from 52.3.

Cooling new business orders, which came in much weaker than the flash reading, led firms to take on staff at the slowest pace since January.

But in one piece of bright news, the service sector PMI showed firms charged higher prices last month for the first time since August 2011.

Several ECB policymakers, led by president Mario Draghi, have publicly hinted the trillion-euro stimulus programme could be increased or extended if inflation is seen failing to meet the central bank’s near two per cent target.

An earlier composite PMI from Germany, Europe’s number-one economy, fell to 54.1, weaker than a flash estimate of 54.3 and lower than August’s 55.0.