By William L. Watts
FRANKFURT (MarketWatch) -- The preliminary Markit composite purchasing managers index for the euro zone rose to 47.2 from 46.5 in October, but still signaled a further contraction of private-sector activity across the 17-nation region. A reading of less than 50 indicates activity declined, while a reading of more than 50 signals growth. Economists had forecast an unchanged reading of 46.5 in November. "Overall, the survey data suggest that the euro zone is contracting at a quarterly rate of approximately 0.6% in the fourth quarter. As feared earlier in the year, malaise has spread from the periphery to the core," with Germany stagnating and France contracting by around 0.5%, said Chris Williamson, chief economist at Markit.
