The January ISM non-manufacturing index was reported at 50.5, compared to the 51.0 expected and 50.1 in December. The employment index ticked up to 44.6 vs. 43.6 in December. A reading of 49.5 would have been consistent with the +10K consensus for Friday's non-farm payrolls. More than the headline, the employment number is weighing on markets as risk aversion picks up.
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