News Summary: Eurozone recovery proves elusive

News Summary: Latest economic data for 17-country eurozone show recovery has not yet started

Associated Press

NO GREEN SHOOTS: Economic data from the 17 EU countries that use the euro show there's no sign of a recovery from recession. Eurostat, the European Union's statistics office, confirmed that the eurozone's economy shrank 0.2 percent in the first three months of the year, with most sectors declining.

DEFINITION OF RECESSION: Eurostat said nine of the region's 17 members have seen their economies shrink for at least two quarters: Cyprus, Finland, France, Greece, Italy, the Netherlands, Portugal, Slovenia and Spain.

FURTHER DROP: Financial information company Markit said its monthly composite purchasing managers' index of the manufacturing and services sector was at 47.7 points for May That's above April's 46.6, but still below the 50 mark that indicates expansion.

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