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Carolinas Survey of Business Activity

July 24, 2025

Business activity in the Carolinas remained soft in July, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions index increased to −3 from −10 in July, and the corresponding expectations index increased to 7 from −8. The sales index increased to −1 from −7 in July. Its corresponding expectations index was nearly unchanged at 17.

The employment index edged down to −3 in July while the wages index ticked down to 15. Firms expected to increase wages over the near term, as the forward-looking wages index remained firmly in positive territory. Firms reported little change in their ability to find workers with the desired skills and anticipated little improvement over the next six months.

Average year-over-year growth in prices paid and prices received increased in July. Firms expected growth in prices to moderate somewhat over the next 12 months.

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Past Reports

June 26, 2025
Business Activity in the Carolinas Remained Soft in June
May 30, 2025
Business Activity in the Carolinas Remained Soft in May
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Regional Survey Team