Britain's crucial services sector grew slower than expected in May

LONDON — Britain’s crucial services sector grew slower than expected in May.

Data provider IHS-Markit said on Monday that services PMI, a measure of expected growth in the sector, came in at 53.8 for May. Economists had been expecting a reading of 55.0, which itself would have been a slowdown from 55.8 in April.

IHS-Markit said in a release announcing the figure that it is seeing “a renewed slowdown in business activity growth across the UK service economy, following the four-month peak achieved in April.”

Britain’s service sector covers everything from waiters in coffee shops to bankers advising on takeover deals. It accounts for a huge chunk of the economy, with the Office for National Statistics saying that 79% of UK GDP came from services in 2013.

Last week IHS-Markit’s construction PMI showed better than expected growth in the sector, while manufacturing activity also remains “resilient.”

Data from IHS-Markit earlier on Monday morning showed the strong German economy powering the eurozone to its highest growth in 6 years. Overall economy growth in Germany came in at 57.4 for May, beating expectations. Eurozone-wide growth hit 56.8.

However, French economic growth and Italian service sector growth came in below forecasts.

NOW WATCH: THE BOTTOM LINE: A top Wall Street strategist says there’s nothing to worry about and we examine bitcoin’s surge

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.