Markit composite purchasing managers index falling to 50.7 from 51.1 in July

FRANKFURT (MarketWatch)
Private-sector activity across the 17-nation euro zone grew at its slowest pace in two years in August, with the Markit composite purchasing managers index falling to 50.7 from 51.1 in July.
A reading of more than 50 signals growth, while a figure of less than 50 indicates contraction.
The reading came in below a preliminary estimate of 51.1.
The final August manufacturing PMI released last week showed a contraction in growth, while the final services PMI reading released Monday slipped to a 23-month low of 51.5 from a July reading of 51.6, in line with an earlier estimate.
"The PMI suggests that economic growth in the third quarter is unlikely to improve on the 0.2% seen in the three months to June, and a contraction in the final quarter looks a distinct possibility unless business and consumer confidence improve noticeably in coming months," said Chris Williamson, chief economist at Markit.