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Special Questions
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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.
September 2025 Special Questions Results
In September 2025, we asked regional business executives about the ease of hiring workers compared to last year. The results below are based on 255 total responses, 80 of which are from the manufacturing survey and 175 of which are from the non-manufacturing survey.
1. Over the past three months, which of the following purchasing trends have you noticed (outside of normal seasonal trends)?
Topic: Revenue and Margins
| Total (n=255) | ||||
|---|---|---|---|---|
| Yes | No | Not sure | Not applicable for my business | |
| Customers have purchased less in units | 38.4% | 31.0% | 4.7% | 25.9% |
| Customers have purchased less in dollar amount | 42.9% | 40.2% | 4.7% | 12.2% |
| Customers have delayed purchases | 55.7% | 22.5% | 7.5% | 14.2% |
| Customers have bundled purchases into fewer interactions (i.e., less foot traffic) | 17.7% | 29.1% | 8.3% | 44.9% |
| Customers have shifted purchases to cheaper items | 30.6% | 28.6% | 13.3% | 27.5% |
| Customers have stopped entirely from your firm | 14.3% | 67.3% | 4.8% | 13.5% |
| Customers will only purchase in normal volumes if they perceive goods or services to be of higher quality | 29.5% | 22.8% | 15.0% | 32.7% |
| Customers have become more responsive to promotions or sales | 25.9% | 23.1% | 11.0% | 40.0% |
| Manufacturing (n=80) | ||||
|---|---|---|---|---|
| Yes | No | Not sure | Not applicable for my business | |
| Customers have purchased less in units | 55.0% | 30.0% | 3.8% | 11.3% |
| Customers have purchased less in dollar amount | 53.8% | 37.5% | 5.0% | 3.8% |
| Customers have delayed purchases | 65.0% | 26.3% | 3.8% | 5.0% |
| Customers have bundled purchases into fewer interactions (i.e., less foot traffic) | 25.0% | 32.5% | 5.0% | 37.5% |
| Customers have shifted purchases to cheaper items | 28.8% | 40.0% | 17.5% | 13.8% |
| Customers have stopped entirely from your firm | 21.8% | 69.2% | 2.6% | 6.4% |
| Customers will only purchase in normal volumes if they perceive goods or services to be of higher quality | 32.5% | 28.8% | 12.5% | 26.3% |
| Customers have become more responsive to promotions or sales | 25.0% | 31.3% | 7.5% | 36.3% |
| Non-Manufacturing (n=175) | ||||
|---|---|---|---|---|
| Yes | No | Not sure | Not applicable for my business | |
| Customers have purchased less in units | 30.9% | 31.4% | 5.1% | 32.6% |
| Customers have purchased less in dollar amount | 37.9% | 41.4% | 4.6% | 16.1% |
| Customers have delayed purchases | 51.4% | 20.8% | 9.2% | 18.5% |
| Customers have bundled purchases into fewer interactions (i.e., less foot traffic) | 14.4% | 27.6% | 9.8% | 48.3% |
| Customers have shifted purchases to cheaper items | 31.4% | 23.4% | 11.4% | 33.7% |
| Customers have stopped entirely from your firm | 11.0% | 66.5% | 5.8% | 16.8% |
| Customers will only purchase in normal volumes if they perceive goods or services to be of higher quality | 28.2% | 20.1% | 16.1% | 35.6% |
| Customers have become more responsive to promotions or sales | 26.3% | 19.4% | 12.6% | 41.7% |
2. In the next year, do you think your company will have more full-time workers, about the same number of full-time workers, or fewer full-time workers?
Topic: Outlook, Employment
| Total (n=255) | Manufacturing (n=80) | Non-Manufacturing (n=175) | |
|---|---|---|---|
| More full-time workers | 24.7% | 27.5% | 23.4% |
| About the same number of full-time workers | 57.6% | 53.8% | 59.4% |
| Fewer full-time workers | 16.9% | 18.8% | 16.0% |
| Not sure | 0.8% | 0.0% | 1.1% |
3. How do you plan to decrease the number of full-time workers at your firm in the next year? Select all that apply.
Topic: Outlook, Employment
| Question asked to firms that expect fewer full-time workers | ||||
|---|---|---|---|---|
| Total (n=43) | Manufacturing (n=15) | Non-Manufacturing (n=28) | ||
| Through attrition | 72.1% | 73.3% | 71.4% | |
| Through layoffs | 34.9% | 60.0% | 21.4% | |
| Through something else (please specify) | 14.0% | 13.3% | 14.3% | |
| Not sure | 9.3% | 6.7% | 10.7% | |
4. Why do you plan to decrease the number of full-time workers at your firm in the next year? Select all that apply.
Topic: Outlook, Employment, Revenue and Margins
| Question asked to firms that expect fewer full-time workers | ||||
|---|---|---|---|---|
| Total (n=43) | Manufacturing (n=15) | Non-Manufacturing (n=28) | ||
| Projecting cancellation(s) | 16.3% | 6.7% | 21.4% | |
| Expecting decline in demand | 48.8% | 60.0% | 42.9% | |
| Economic uncertainty | 65.1% | 80.0% | 57.1% | |
| Restructuring | 14.0% | 6.7% | 17.9% | |
| Labor needs are seasonal | 11.6% | 13.3% | 10.7% | |
| Adopting technology/automation for certain roles | 20.9% | 20.0% | 21.4% | |
| Shutting down product line(s) | 4.7% | 6.7% | 3.6% | |
| Need to reduce operating costs | 65.1% | 60.0% | 67.9% | |
| Need to reduce labor because of other cost increases | 60.5% | 53.3% | 64.3% | |
| Something else | 14.0% | 20.0% | 10.7% | |
5. Why do you plan to increase the number of full-time workers at your firm in the next year? Select all that apply.
Topic: Outlook, Employment, Revenue and Margins
| Question asked to firms that expect more full-time workers | ||||
|---|---|---|---|---|
| Total (n=63) | Manufacturing (n=22) | Non-Manufacturing (n=41) | ||
| Investing in new products, services, or markets | 44.4% | 40.9% | 46.3% | |
| Current staff is overworked | 36.5% | 31.8% | 39.0% | |
| Projecting an increase in demand | 58.7% | 50.0% | 63.4% | |
| Seasonality | 1.6% | 0.0% | 2.4% | |
| Firm is always trying to increase headcount | 15.9% | 22.7% | 12.2% | |
| Something else | 14.3% | 22.7% | 9.8% | |
Past Special Questions
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