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Carolinas Survey of Business Activity

In light of our continuing efforts to improve our data product and ensure accuracy in the historical data, we have updated select Carolinas index values from February 2017 through January 2024. Revised historical data supersede and are not directly comparable to previously published data.

February 29, 2024

Business activity in the Carolinas was sluggish in February, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions index increased from −10 in January to 0 in February, and the expectations index increased notably from −1 to 17. The sales index edged up from −18 in January to −14 in February, while its corresponding expectations index rose notably from 18 to 36.

The employment index increased from −15 in January to 1 in February while the wages index remained elevated, and firms reported little improvement in their ability to find workers with the necessary skills. Most firms expected wages to continue increasing over the near-term and anticipated some 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 moderately in February, while growth in prices received decreased only slightly. Firms expected price growth to moderate over the next year.

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