Euro-zone composite PMI rebounds from 40-month low (by William L. Watts)
FRANKFURT (MarketWatch) -- The composite purchasing managers' index, or PMI, for the 17-nation euro zone rebounded in November from a 40-month low but continued to signal a deep contraction in private-sector output, index compiler Markit reported Wednesday. The index rose to 46.5 in November from October's 40-month low of 45.7 and came in above an earlier "flash" estimate of 45.8. A reading of less than 50 indicates a contraction in activity. The euro-zone services PMI rose to 46.7 from 46.0 in October and topped the preliminary estimate of 45.7. Overall, the data indicate the euro-zone recession deepened n the current quarter, although the November figures may offer a sign that the downturn has bottomed, at least in terms of the rate of decline, said Chris Williamson, chief economist at Markit.