MW:Euro-zone composite PMI unexpectedly slips in Feb.
By William L. Watts
FRANKFURT (MarketWatch) -- Private-sector activity across the 17-nation euro zone contracted unexpectedly in February, according to the preliminary Markit purchasing managers index for the region released Wednesday. The index declined to 49.7 from 50.4 in January. A reading of less than 50 indicates a contraction in activity. Economists surveyed by Dow Jones Newswires had forecast a rise to 50.8. The PMI for the services sector fell to 49.4 from 50.4 in January, while the manufacturing PMI rose to a six-month high at 49.0 versus 48.8 in January. "A retreat back below the 50.0 no-change level for the euro-zone PMI is a disappointment, and highlights the ongoing risk that the region may be sliding back into recession," said Chris Williamson, chief economist at Markit.
