Growth in China's services sector activity slowed in August despite the summer travel peak, prompting some firms to cut staff amid concerns about rising costs, a private-sector survey showed on Wednesday. The Caixin/S&P Global services purchasing managers' index (PMI) slipped to 51.6 in August from 52.1 in July. The 50-mark separates expansion from contraction on a monthly basis. The new business index remained above 50, extending the sequence of expansion that started from January 2023, but the rate of growth was softer than July. Export business quickened, however. According to panelists, overseas client interest in the tourism industry supported faster business growth.