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Carolinas Survey of Business Activity

August 24, 2023

Business activity in the Carolinas was flat in August, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions index remained unchanged at 3 in August. The corresponding expectations index edged up from 1 to 2.

The sales index fell slightly to 0, while the index measuring expected sales increased to 14. Furthermore, two of the three spending indexes decreased, with the index for business services expenditures falling the most, from 6 in July to −2 in August.

The employment index fell notably to 8 in August, while the wages index increased to 27. Firms expected wages to continue increasing over the near term and anticipated little improvement in their ability to find workers with the desired skills over the next six months.

The average year-over-year growth in prices paid decreased somewhat, while growth in prices received increased slightly in August. Firms expect price growth to moderate over the next year.

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