MW:Euro-zone Nov. PMI points to further contraction
By William L. Watts
FRANKFURT (MarketWatch) -- Private-sector activity across the 17-nation euro zone continued to shrink in November, but at a slower pace than in the previous month, according to a final composite purchasing managers index reading compiled by Markit. The composite PMI rose to 47.0 from 46.5 in October, but was down from a preliminary reading of 47.2. A reading of less than 50 indicates a contraction in activity. The November data showed the euro zone's four largest nations in contraction, with Germany joining France, Italy and Spain in posting a sub-50 reading. The figures show activity in the euro zone contracted for a third consecutive month, putting the region on course for a 0.6% contraction in the fourth quarter, said Chris Williamson, chief economist at Markit.
