Euro-zone Aug. composite PMI sees unexpected rebound (by William L. Watts)

LONDON (MarketWatch) -- The composite purchasing managers index for the euro zone posted an unexpected rise to 48.0 in August, up from a reading of 47.8 in July, news reports said. Consensus expectations were for a fall to 47.3, according to a Dow Jones Newswires survey of economists. A reading of less than 50 indicates a contraction in activity, while a reading of more than 50 indicates expansion. The August PMI for the manufacturing sector rose to 47.5 from 47.4 in July, while the PMI for the services sector fell to 48.2 from a July reading of 48.3, reports said.