FXStreet (Mumbai) - Euro zone’s manufacturing PMI dropped to 52.3 in January, down from December’s reading of 53.2. Services PMI dropped to 53.6 in January to 54.2 in December. Euro zone’s Composite PMI dropped in January. It fell to 53.5 from 54.3 recorded in December. The eurozone economy saw growth slacken to the weakest for almost a year in January, according to the first business survey reports for 2016. Although the latest reading signalled a further solid upturn in business activity, the increase was the weakest since February of last year. The ongoing upturn was led by the service sector, despite its pace of expansion hitting a 12-month low. Growth of manufacturing output meanwhile also faltered slightly to reach an 11-month low, though remained only marginally below the average seen last year. The service sector created new jobs at a pace beaten only once since 2008, and the manufacturing sector maintained the robust rate of hiring seen late last year. The improved hiring trend could be linked to an upturn in business confidence, with expectations of future activity levels in the service sector hitting the highest since May 2011. For more information, read our latest forex news.