Euro zone services activity slipped close to contraction in May, in line with expectations, as growth took a sharp hit in France, while inflationary pressures mounted, a key survey showed on Wednesday. The RBS/NTC Eurozone Services Purchasing Managers index fell to 50.6 in May, the same level as the flash estimate and as forecast by economists, from 52.0 in April.
The Italian services sector continued to contract in May (and contracted slightly faster than in April), according to the NTC purchasing managers' index which registered a seasonally adjusted 48.1 in May from 49.8 in April. This is now the sixth consecutive month of contraction.
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