Activity in the eurozone's private sector picked up only modestly in December, according to surveys of purchasing managers, an indication that the currency area's economy is ending the year on a weak footing.</br></br>The surveys also found that businesses again cut their prices in the face of weak demand, a development that will concern the European Central Bank, which is struggling to raise the currency area's inflation rate from the very low level it has settled at for more than a year.</br></br>Data firm Markit on Tuesday said its composite purchasing managers index--a measure of activity in the manufacturing and services sectors in the currency bloc--rose to 51.7 in December from 51.1 in November. A reading below 50.0 indicates activity is declining, while a reading above that level indicates it is increasing.</br></br>Preliminary results from Markit's survey of 5,000 manufacturers and service providers also showed that a significant pickup in activity is unlikely in the coming months, with new orders up only marginally following November's decline.</br></br>The surveys also found that businesses continued to cut their prices, although at a slightly less aggressive pace.