FRANKFURT (MarketWatch)
Business activity across the 17-nation euro zone
contracted at a faster-than-expected pace in April, according to the preliminary
purchasing managers' index, or PMI, readings released Monday by data firm
Markit
Manufacturing PMI fell to 46.0, the lowest in 34 months, from 47.7 in
March, defying economists' expectations for a rise to 48.1
A reading of less
than 50 indicates a contraction in activity
Services PMI fell to a five-month
low at 47.9 from 49.2 in March versus forecasts for a reading of 49.3
The
composite PMI also fell to a five-month low at 47.4 from 49.1 in March
Economists had forecast a rise to 49.3
"The flash PMI signaled a faster rate of
economic contraction in the euro zone during April, extending what appears to be
a double-dip recession into a third consecutive quarter," said Chris Williamson,
chief economist at Markit
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