Thursday, June 23, 2011

Most Euro-Zone Economies Contract

Germany and France were the only members of the euro zone to register an expansion of private-sector activity in June, with most of the other 15
members experiencing a contraction for the first time since November 2009.

Markit Economics said Thursday that its monthly survey of purchasing managers at manufacturers and service providers indicated that private sector activity in the currency area grew at its slowest rate in more than a year and a half in June. That suggests economic growth will be significantly weaker in the second quarter than the 0.8% expansion recorded in the first.

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