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Eurozone Economy Shrinks
The eurozone's private sector contracted sharply in April, according to London-based Markit Economics.
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The eurozone's private sector contracted sharply in April, according to London-based Markit Economics.
The firm's composite output index, which is based on a survey of purchasing managers, fell to 46.7 last month from 49.2 in March one of the steepest declines in three years. A reading below 50 signals contraction.
Markit says the data indicate that the eurozone economy shrank at a quarterly rate of 0.5% in April.
The firm's gauge of new business declined for the ninth consecutive month. Measures of manufacturing, services, export orders, work backlog and employment also declined in April. Markit says consumer and business confidence have deteriorated across the region this year.
In Germany, the region's strongest economy, growth "practically ground to a halt" last month, according to the firm. It says France has joined Italy and Spain in economic decline. Italy's manufacturing and services output hit a three-year low.
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