Eurozone Business Activity Continues to Slip

Economic activity in the eurozone continue to expand, but the pace slowed for the eighth consecutive month in February, according to preliminary numbers from Markit Economics.

The London-based firm says the eurozone's economy continues to expand. But it describes the recovery as "uneven and fragile." And its closely watched composite purchasing managers index for the region slipped to 52.7 in February from January's 31-month high of 52.9.

The index has been above 50, indicating expansion, for eight months. Manufacturers also report increased production for the eighth consecutive month. The overall index and a sub-index of manufacturing activity indicate increases in new orders but at a slower pace.

Activity at the member level has been mostly up this month, according to Markit. Most of the region saw increased business activity for the seventh successive month. Germany led with the strongest uptick in new orders and overall activity since January 2012. But French firms posted their fourth month of accelerating decline.

Markit says high unemployment and falling prices remain areas of concern. It predicts the eurozone's gross domestic product will expand 0.5% in the first quarter of 2014.