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Special Questions
Survey Period: [April 30 – May 20, 2026]
Published on:
This section features timely and topical questions asked by the Federal Reserve Bank of Richmond as part of its monthly business surveys. These special questions vary each month and are designed to capture insights on emerging trends, economic disruptions, policy changes, or other current events impacting business conditions. The responses help provide a more nuanced understanding of the evolving economic landscape beyond our standard survey metrics.
May 2026 Special Questions Results
In May 2026, we asked regional business executives about the ease of hiring workers compared to last year. The results below are based on 234 total responses, 76 of which are from the manufacturing survey and 158 of which are from the non-manufacturing survey.
1. How will the average prices you charge your customers change, if at all, in the next 12 months?
Topic: Prices and Wages, Outlook
| Total (n=234) | Manufacturing (n=76) | Non-Manufacturing (n=158) | |
|---|---|---|---|
| Increase | 65.4% | 72.4% | 62.0% |
| Decrease | 3.4% | 2.6% | 3.8% |
| No change from current levels | 23.9% | 15.8% | 27.9% |
| Unsure | 7.3% | 9.2% | 6.3% |
2. To what extent will you be able to increase prices to your desired level?
Topic: Prices and Wages
| Total (n=153) | Manufacturing (n=55) | Non-Manufacturing (n=98) | |
|---|---|---|---|
| Fully - we can increase prices to our desired level | 8.5% | 9.1% | 8.2% |
| Mostly - we can increase prices close to our desired level | 40.5% | 43.6% | 38.8% |
| Somewhat - we can increase prices to a moderate extent | 30.7% | 30.9% | 30.6% |
| Slightly - we can only increase prices minimally | 17.7% | 14.6% | 19.4% |
| Uncertain/Don't know | 2.6% | 1.8% | 3.1% |
3. Why are you not able to fully increase prices to your desired levels?
Topic: Prices and Wages
| Total (n=136) | Manufacturing (n=49) | Non-Manufacturing (n=87) | |
|---|---|---|---|
| Customers will not accept price increases | 70.6% | 69.4% | 71.3% |
| Need to clear existing inventory | 6.6% | 6.1% | 6.9% |
| Contracts with fixed prices | 30.1% | 46.9% | 20.7% |
| Regulatory constraints | 3.7% | 0.0% | 5.7% |
| Don't want to lose market share | 68.4% | 77.6% | 63.2% |
| Worried about company's reputation | 18.4% | 12.2% | 21.8% |
| Cost increases are expected to be transitory | 9.6% | 14.3% | 6.9% |
| Something else (specify) | 8.1% | 6.1% | 9.2% |
4. What is the most important reason you are not able to fully increase prices to your desired levels?
Topic: Prices and Wages
| Total (n=133) | Manufacturing (n=49) | Non-Manufacturing (n=84) | |
|---|---|---|---|
| Customers will not accept price increases | 45.1% | 38.8% | 48.8% |
| Need to clear existing inventory | 2.3% | 2.0% | 2.4% |
| Contracts with fixed prices | 8.3% | 10.2% | 7.1% |
| Regulatory constraints | 1.5% | 0.0% | 2.4% |
| Don't want to lose market share | 31.6% | 38.8% | 27.4% |
| Worried about company's reputation | 3.8% | 2.0% | 4.8% |
| Cost increases are expected to be transitory | 2.3% | 4.1% | 1.2% |
| Something else (specify) | 5.3% | 4.1% | 6.0% |
5. Is your decision to increase prices part of your normal annual pricing adjustment, due to unplanned reasons, or both?
Topic: Prices and Wages
| Total (n=234) | Manufacturing (n=76) | Non-Manufacturing (n=158) | |
|---|---|---|---|
| Normal annual pricing adjustment | 31.4% | 18.2% | 38.8% |
| Due to unplanned reasons | 22.2% | 23.6% | 21.4% |
| Both normal and unplanned | 46.4% | 58.2% | 39.8% |
6. What are the reasons for your price increases?
Topic: Prices and Wages, Supply Chain
| Total (n=153) | Manufacturing (n=55) | Non-Manufacturing (n=98) | |
|---|---|---|---|
| Oil/energy cost increases | 56.9% | 63.6% | 53.1% |
| Labor cost increases | 68.6% | 70.9% | 67.3% |
| Raw material cost increases (non-energy) | 62.7% | 90.9% | 46.9% |
| Tariff/trade policy costs | 37.3% | 58.2% | 25.5% |
| Regulatory/tax changes | 13.7% | 16.4% | 12.2% |
| Insurance costs increases | 41.8% | 38.2% | 43.9% |
| Rent or physical space cost increases | 22.2% | 18.2% | 24.5% |
| Technology investment costs | 25.5% | 20.0% | 28.6% |
| Need to increase margins | 35.3% | 45.5% | 29.6% |
| Other (please specify): | 13.7% | 10.9% | 15.3% |
| Not sure | 0.0% | 0.0% | 0.0% |
7. When will you begin implementing price increase?
Topic: Prices and Wages
| Total (n=153) | Manufacturing (n=55) | Non-Manufacturing (n=98) | |
|---|---|---|---|
| Already have | 52.9% | 61.8% | 48.0% |
| Before the end of 2026 | 36.0% | 34.6% | 36.7% |
| First half of 2027 | 9.2% | 3.6% | 12.2% |
| Second half of 2027 | 2.0% | 0.0% | 3.1% |
| 2028 or later | 0.0% | 0.0% | 0.0% |
| Unsure | 0.0% | 0.0% | 0.0% |
Past Special Questions
- 2026
-
2025
- December
Outlook, Artificial Intelligence, Operations - September
Outlook, Employment, Revenue and Margins - August
Tariffs, Prices and Wages, Supply Chain, Revenue and Margins - June
Employment - May
Tariffs - March
Tariffs, Supply Chain, Prices and Wages - February
Prices and Wages
- December
-
2024
- December
- November
- August
- June
- May
- March
-
2023
- September
- August
- June
- May
- March
- February
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