Euro-zone Aug. services PMI rises more than expected

LONDON (MarketWatch) — A closely-watched indicator of activity in the 15-nation euro-zone’s service sector rebounded more than expected in August, but indicated a further contraction in activity. News reports said the purchasing managers index for services rose to 48.5 in August from 48.3 in July. Consensus expectations were for a slight drop to 48.2, according to a survey of economists by Dow Jones Newswires. A reading of less than 50 indicates shrinking activity, while a figure of more than 50 signals expansion.
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