Service sector activity "softened in July," according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.

Overall, the service sector revenues index dropped to negative 6 in July, from positive 12 in June, while the number of employees index increased to 2 from 1, the average wage index slipped to 7 from 11, and the expected product demand during the next six months index fell to 11 from 21.

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