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Carolinas Survey of Business Activity

May 30, 2025

Business activity in the Carolinas remained soft in May, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions index was unchanged at −17 in May, while the corresponding expectations index increased from −22 to −12. The sales index decreased from 3 in April to −5 in May. Its corresponding expectations index increased from −4 to 0.

The employment index edged down to 1 in May while the wages index decreased from 28 to 18. Firms expected to increase wages over the near term, as the forward-looking wages index remained firmly in positive territory. Firms reported slight improvement in their ability to find workers with the desired skills and anticipated further improvement over the next six months.

Average year-over-year growth in prices paid increased moderately, while average growth in prices received decreased slightly in May. Firms expected growth in prices to increase further over the next 12 months.

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