“Activity in the service sector weakened in January,” according to the Federal Reserve Bank of Richmond service-sector activity survey released yesterday.

Overall, the service sector revenue index narrowed to negative 19 in January from negative 30 in December, while the number of employees index widened to negative 24 from negative 19, the average wage index dipped to negative 9 from positive 5, and the expected product demand during the next six months index slipped to negative 10 from negative 3.

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