LONDON (MarketWatch) -- Private-sector activity in the 16-nation euro zone ended 14 months of contraction, the preliminary Markit purchasing managers index showed Friday. The composite PMI reading rose from 47.0 in July to a 15-month high of 50.0, signaling no change in activity. Economists had expected the index to rise to 48.3. A reading of less than 50 means a majority of purchasing managers saw a contraction in activity, while a figure of more than 50 signals expansion. The euro-zone services PMI rose to 49.5 in August from 45.7 in July, setting a 15-month high, while the PMI for the manufacturing sector rose to a 14-month high of 47.9 from 46.3 in July.
