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Carolinas Survey of Business Activity

July 25, 2024

Business activity in the Carolinas was sluggish in July, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions index decreased from −4 in June to −10 in July, while the corresponding expectations index increased from 5 to 14. The sales index edged down from −6 in June to −8 in July. Its corresponding expectations index increased further into positive territory.

The employment index remained unchanged at 2 in July while the wages index remained firmly in positive territory, and firms reported a reduction 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.

Average year-over-year growth in prices paid decreased in July, while average growth in prices received increased slightly. Firms expected growth in prices paid to moderate somewhat over the next year.

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Past Reports

June 27, 2024
Business Activity in the Carolinas Was Sluggish in June
May 31, 2024
Business Activity in the Carolinas Slowed in May
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Regional Survey Team (571) 287-0448