Following yesterday's slump in a survey of Texas Manufacturing firms, the Dallas Fed released their survey of Texas Services sector firms today, and it was just a big a shitshow.

Perceptions of broader business conditions deteriorated further in April. The general business activity index dropped eight points to -19.4. In addition, outlooks worsened as the company outlook index retreated to a 34-month low of -15.5. The outlook uncertainty index jumped 13 points to 40.5 - its highest level since mid-2022. 

Respondents’ expectations regarding future business activity continued to weaken in April.

Under the hood, we saw further stagflationary signals with revenue forecast plunging as prices soar...

Tariffs were top of mind for many, just as with the Texas Manufacturing survey, as respondents broadly speaking reflected: "Nothing is getting better."

And finally, 'chaos', 'erratic', and 'turmoil' at The White House summed up many people's perspectives:

Not a pretty picture... and remember, this is Texans.

However, we did find one silver lining comment:

Is there hope?

"Consumers are on the fence. This will turn eventually."