Euro zone services sector sees slower growth

| June 5, 2011 | 0 Comments
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A survey has revealed that activity in the euro zone services sector eased in May.

The closely-watched Markit Purchasing Managers’ Index (PMI) services index edged lower to 56.0 in May from April’s reading of 56.7.

However, the index remains above the crucial 50 mark, which separates growth from contraction and it has now been above this level since September 2009.

Commenting on the figures, Chris Williamson, Markit’s chief economist, said: “Despite slowing, services growth remains robust and the sector should still make a significant contribution to economic growth in the second quarter.”

“However, the rate of growth looks likely to slip further in coming months, as indicated by business confidence sliding to the weakest for a year-and-a-half and new business rising at the slowest pace for five months.”

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