For the 12th straight month, The Dallas Fed Services Outlook Survey printed negative in

Source: Bloomberg

Perceptions of broader business conditions continued to worsen in May. The general business activity index remained negative and fell three points to -17.3. The company outlook index remained the same at -9.5, while the outlook uncertainty index was flat at 15.8—close to its series average of 13.6.

Respondents were more mixed but all noted issues with hiring and inflation

But...

Finally, the survey also notes that retail sales declined in May, according to business executives responding to the Texas Retail Outlook Survey. The sales index, a key measure of state retail activity, fell six points to -3.2.

But of course, there's no recession in AI, right?