Euro-zone June composite PMI falls to 20-month low

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Euro-zone June composite PMI falls to 20-month low (by William L. Watts)

FRANKFURT (MarketWatch) -- Private-sector activity in the 17-nation euro zone last month grew at its slowest pace since October 2009, according to the final reading of the Markit composite purchasing managers index released Tuesday. The index fell to 53.3 from 55.8 in May, below an earlier estimate of 53.6. A reading of more than 50 indicates expansion. "The euro-zone economy as a whole looks to have expanded by approximately 0.6% in the second quarter, down from 0.8% in the first three months of the year," said Chris Williamson, chief economist at Markit. "However, the further loss of momentum in June bodes ill for the third quarter and suggests that growth may weaken further unless order books improve."

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