Eurozone PMI June 2009: The Markit Flash Eurozone Composite Output Index, comprising PMI (Purchasing Managers' Index) measures for manufacturing and services, based on around 85% of normal monthly survey replies, rose for the fourth month in a row in June, up from 44.0 in May to 44.4. By remaining well below 50.0, the index signalled a drop in output for the thirteenth straight month, representing by far the longest and most severe period of contraction seen in the survey’s 11-year history. However, the latest decline was the smallest since last September (and the rate of contraction for Q2 as a whole has been the slowest since Q3 of last year). The latest easing in the rate of decline was nevertheless considerably less marked than the record improvements seen in the previous three months, largely due to a renewed pick-up in the rate of contraction of services activity. Although manufacturing output fell at the weakest pace for 10 months, services activity fell at a slightly steeper pace than May’s seven-month low.