China's services sector expansion slowed in May, a private sector survey showed on Thursday, with weaker overseas demand and increased costs putting pressure on businesses.
The Caixin/Markit services Purchasing Managers' Index fell to 55.1 in May, down from 56.3 in April but still well in expansionary territory. The 50-mark separates growth from contraction on a monthly basis.
The Caixin PMI contrasts with an official survey released earlier this week, which showed activity in China's services sector expanded at a faster pace in May. Growth in total new orders slipped and services firms increased their staffing levels for the third straight month, but at a slower pace, the Caixin survey showed.
Even though firms were able to raise selling prices for the 10th straight month, the increases have yet to catch up with the inflation in input costs.
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