By Andy Bruce LONDON (Reuters) – Euro zone business activity shrank at a slightly slower pace last month, but a chronic shortage of new orders means an economic recovery still looks some way off, business surveys showed on Wednesday. Markit's Eurozone Composite PMI, which gauges how thousands of businesses across the region fare each month, rose in May to 47.7 from 46.9, unchanged from a preliminary reading. Although the index improved for the second month in a row, it has been rooted below the 50 threshold that signals growth for all but one month since September 2011. …
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