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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.

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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%
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