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Euro-zone Oct. manufacturing PMI falls to 47.1

Euro-zone Oct. manufacturing PMI falls to 47.1 (by William L. Watts)

FRANKFURT (MarketWatch) -- Manufacturing activity across the 17-nation euro zone contracted more than initially thought in October, according to the final reading of the Markit manufacturing purchasing managers index for the region released Wednesday. The index fell to 47.1 in October from 48.5 in September and came in below a preliminary estimate of 47.3. A reading of less than 50 signals a contraction in activity, while a figure of more than 50 signals growth. On a national basis, Ireland was the only country to show growth with a reading of 50.1. "The latest manufacturing PMI further emphasizes the marked reversal of fortunes for a sector that was the leading light of the economic recovery," said Rob Dobson, senior economist at Markit.