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business activity logged the smallest downturn since March last year, flash
survey data from Markit Economics showed Thursday.
composite output index improved to
manufacturing Purchasing Managers' Index climbed to 48.7, a 16-month high, from
the services PMI came in at 48.6 compared to
Data showed that manufacturing output fell in June at the slowest rate in the current 16-month sequence, registering only a very modest decline, and services business activity showed the joint-weakest fall since March 2012.
"The survey data suggest that GDP is likely to have shrunk by 0.2 percent in the second quarter, similar to the fall seen in the first three months of the year and extending the region's recession into a record seventh successive quarter," Chris Williamson, chief economist at Markit said.
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