MW:Euro-zone PMI signals further contraction in July
By William L. Watts
FRANKFURT (MarketWatch) -- Private sector activity in the 17-nation euro zone continued to contract at a rapid pace in July, the Markit composite purchasing managers' index for the region indicated Friday. The index came in at 46.5, up slightly from a preliminary estimate of 46.4 that matched the June reading. A reading of less than 50 indicates a contraction in activity. The euro-zone services PMI rose to 47.9 versus a preliminary reading of 47.6 and a June figure of 47.1. The data "confirm the message from the earlier flash estimate that the euro zone continued to contract at a quarterly rate of approximately 0.6% in July, suggesting the region looks set for a second consecutive quarterly decline," said Chris Williamson, chief economist at Markit.
