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Eurozone business sluggish, but signs look up

23 May 2013, 12:11 CET
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(BRUSSELS) - The downturn in eurozone private sector business activity eased in May, even as the recession continued, a widely-watched survey showed on Thursday.

The Markit Eurozone Composite Purchasing Managers Index registered 47.7 points, a three-month high and well up on April's 46.9 points albeit still below the threshold of 50 points indicating growth or recession.

The survey is an important leading indicator of activity.

It was the 20th time in 21 months that the survey of thousands of eurozone companies signalled a contraction in the single currency area's economy, and a 16th consecutive overall shrinking -- with the researchers tipping the trend to continue into June.

Both manufacturing and services sectors posted declines.

"The eurozone's second recession in five years looks set to drag on into a seventh successive quarter," said Markit chief economost Chris Williamson.

He said that activity in Germany was stagnating and in France it was contracting steeply but spotted "some signs of the recession easing in the periphery."


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