By William L. Watts
FRANKFURT (MarketWatch) -- The Markit composite purchasing managers index for the euro zone released Wednesday rose to a three-month high at 48.3 in December but showed private-sector activity continued to contract across the 17-nation region. The reading topped a preliminary estimate of 47.9. A reading of less than 50 signals a contraction in activity, while a figure of more than 50 signals growth. "Despite the upturn, the fourth quarter saw the steepest contraction since the spring of 2009, and forward-looking indicators suggest that a further decline is on the cards for the first quarter of 2012," said Chris Williamson, chief economist at Markit.
