Euro-zone PMI falls to three-year low in May

FRANKFURT (MarketWatch)
Private-sector activity across the 17-nation euro zone contracted at its fastest pace in three years last month, according to the final May reading of the Markit euro-zone composite purchasing managers' index released Tuesday
Composite PMI fell to 46.0, up slightly from a preliminary reading of 45.9, but down from 46.7 in April
The final May services PMI reading fell to 46.7 from 46.9 in April
A preliminary reading came in at 46.5
A reading of less than 50 indicates a contraction in activity
"Based on these numbers, it would not be surprising to see GDP for the region contract by 0.5% in the second quarter, though an even steeper decline could be seen if the June data disappoint," said Chris Williamson, chief economist at Markit