Economic Buzz: Euro zone private sector activity contracts after bounce in January
The private-sector activity across the 17-nation Euro zone contracted in February, according to the preliminary Markit purchasing managers index for the region released today. The index dropped to 49.7 from 50.4 in January. The reading is still at its second highest in last six months. The latest figure signalled a slight contraction in business activity following the marginal expansion seen in January, which had been the first month in which the Index had risen above the 50.0 no-change level since last August. The PMI for the services sector fell to 49.4 from 50.4 in January, while the manufacturing PMI rose to a six-month high at 49.0 versus 48.8 in January. Markit noted that the latest reading suggests that Eurozone economy has stabilised over the first two months of the year having contracted in the final quarter of 2011.
Source: Capital Market
Tags : europe. eurzone | financial crisis | debt crisis |
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