The Dallas Federal Reserve’s somber report reveals a slight contraction in the service sector in January. Retail, in particular, nosedives with the fastest sales drop since April ’20, casting a shadow on the overall health of the economy. The modest employment gains in non-retail services provide only marginal relief, painting a worrisome picture for the months ahead.
DAL Fed: service sector contracts slightly faster in Jan w/ retail falling off a cliff, posting fastest sales drop since Apr '20; non-retail services managed small employment gains leading to marginal gains for services overall: pic.twitter.com/M20ZrCdkXW
— E.J. Antoni, Ph.D. (@RealEJAntoni) January 30, 2024
WTF is going on in Dallas?
A: economic gravity
cc: @DiMartinoBooth pic.twitter.com/PvxE5YgAqs
— Keith McCullough (@KeithMcCullough) January 31, 2024