By William L. Watts
FRANKFURT (MarketWatch) -- The euro-zone service sector contracted at its fastest pace since late last year in March, the Markit purchasing managers' index for the sector confirmed Thursday. Services PMI fell to 46.4 from 47.9 in February and came in slightly below a preliminary reading of 46.5. A figure below 50 indicates a contraction in activity. The composite PMI, which combines services and manufacturing data, came in at 46.5, matching a preliminary estimate and down from 47.9 in February for the weakest reading since November. Economists said data points to a slide toward deeper recessin for the region. "While the first quarter contraction [by the euro-zne economy] is likely to have been less steep than the 0.6% decline seen in the final quarter of last year, the concern is that the euro-zone downturn shows no signs of ending," said Chris Williamson, chief economist at Markit.
