Eurozone economy loses some momentum, survey finds

Staff Writer
Columbus CEO

LONDON (AP) — A closely monitored survey shows that the eurozone economy lost some momentum during February, but not as much as first thought.

Financial information company Markit said Thursday that its main gauge of business activity across the 19-country single currency bloc — the so-called purchasing managers' index — slipped to 53.0 points during the month from 53.6 in January. Still the February rate was above the 52.7 initial estimate and remains well above the 50 level that marks the threshold between expansion and contraction.

Markit's chief economist, Chris Williamson, says the survey raises the prospect of economic growth deteriorating further from the already "meagre pace" seen late last year of a quarterly 0.3 percent.

France, according to Williamson, remains the "weakest link" among the eurozone's big economies.