Euro-zone composite PMI confirms March downturn (by Barbara Kollmeyer)

MADRID (MarketWatch) -- The downturn for manufacturing activity in the 17-nation euro zone worsened in March, according to the final Markit Eurozone Manufacturing Purchasing Managers Index. The final manufacturing PMI dropped to a three-month low, unchanged from a preliminary estimate. New orders contracted at a faster rate than in February, leading to falling output and further job losses, according to Markit. "There were further signs that the manufacturing malaise already exhibited at the periphery of the currency bloc was spreading to the core," said Markit, noting that German PMI fell below the neutral 50 market for the first time in 2012 so far, while French manufacturing contracted at the sharpest pace since June 2009. The final French PMI fell from 50 February to 46.7 in March. The latest reading is the lowest for 33 months and weaker than the initial estimate of 47.6.