Growth in China’s Services Sector Eases in May on Slower Export Sales: Caixin PMI

Growth in China’s Services Sector Eases in May on Slower Export Sales: Caixin PMI
A worker cleans a broken glass panel at a mall in Beijing on Oct. 4, 2015. Damir Sagolj/Reuters
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BEIJING— China’s services activity grew at the slowest pace in three months in May, hit by a marked cooling in export sales, a private survey showed on June 5, as escalating Sino-U.S. trade tensions weighed on a key industry Beijing is counting on to support a slowing economy.

The Caixin/Markit services purchasing managers’ index (PMI) fell to 52.7 in May, the lowest since February and down from April’s 54.5. The 50-mark separates growth from contraction.