“Service sector revenues declined at a slower pace in August as weakness in retail sales moderated,” according to the Federal Reserve Bank of Richmond service-sector activity survey released yesterday.

Overall, the service sector revenues index narrowed to negative 6 in August from negative 15 in July, while the number of employees index dropped to negative 14 from negative 13, the average wage index increased to 12 from 14, and the product demand during the next six months index slid to 5 from 7.

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