FRANKFURT (MarketWatch)
A contraction in private-sector business activity
across the 17-nation euro zone accelerated sharply in April, according to the
Markit composite purchasing managers' index, or PMI, released Friday
The index
fell to 46.7 from 49.1 in March, coming in below an earlier estimate of 47.4
Markit said its April services PMI for the region fell to 46.9 from 49.2 in
March and came in below the preliminary estimate of 47.9
A reading of less than
50 signals a contraction in activity
Chris Williamson, chief economist at
Markit, said the data suggests the euro-zone is on track to see gross domestic
product shrink by 0.5% in the second quarter
"Business and consumer confidence
appears to have deteriorated markedly across the region since the uplift seen at
the start of the year, suggesting that stimulus measures implemented by the
European Central Bank have not had a lasting impact on the real economy," he
said
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