Euro zone business activity shrank in June, its fifth consecutive monthly contraction, in the metric's lowest level in three years, according to a purchasing managers survey released Thursday by Markit Economics.

The group's June index, which held at 46 this month, is now at its lowest level since June 2009. A reading below 50 indicates contraction. Employers cut staff for the sixth consecutive month as new orders fell for the 11th straight month.