By William L. Watts
FRANKFURT (MarketWatch) -- The purchasing managers index for the 17-nation euro zone's manufacturing sector rose in December from a 28-month low the previous month but still signaled a further contraction in activity, data showed Monday. The Markit euro-zone manufacturing PMI rose to 46.9 in December from 46.4 in November, confirming an earlier, preliminary estimate. A reading of less than 50 indicates a contraction in activity, while a figure of more than 50 signals expansion. "Euro-zone manufacturing is clearly undergoing another recession. Despite the rate of decline easing slightly in December, production appears to have been collapsing across the single currency area at a quarterly rate of approximately 1.5% in the final quarter of 2011," said Chris Williamson, chief economist at Markit.
