While a recent Kansas City Federal Reserve Bank survey found a slump in manufacturing in Oklahoma and other states in its region, a new survey finds a sharp contraction in retail sales activity in Texas as well.
The Texas Retail Outlook Survey reported labor market indicators suggested continued contraction in employment and workweeks. The Dallas Fed asked a series of special questions on artificial intelligence in the May Texas Business Outlook Surveys. A total of 326 business executives (services and manufacturing) participated in the survey. Perceptions of broader business conditions worsened in May, but uncertainty moderated. The general business activity index and the company outlook index rose but remained in negative territory.
Respondents’ expectations regarding future business activity were neutral to positive. The future general business activity index climbed 16 points to a near-zero reading.
Nearly 60 percent of firms report that they are currently using artificial intelligence (AI), up notably from 38 percent one year ago. Read the special questions results.
