MW: Euro-zone PMI readings signal record February contraction
Purchasing managers indexes for the manufacturing and services sectors signal activity contracted at a record pace across the euro zone in February. The preliminary Markit euro-zone manufacturing purchasing managers index fell to a record low of 33.6 in February from 34.4 in January, defying forecasts for a rise to 35. Services PMI fell to a record low of 38.9 from 42.2 in January. The figure was expected to rise to 42.5. The euro-zone composite PMI reading dropped to a record low of 36.2 from 38.3 in January. It had been forecast to rise to 38.7. A figure of less than 50 signals that a majority of purchasing managers saw a contraction in activity, while a figure of more than 50 indicates expansion.
