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Carolinas Survey of Business Activity

June 24, 2021

Businesses in the Carolinas saw growth in June, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions and sales indexes came in at 34 and 12, respectively, in June. These values were lower than their readings of 36 and 25 in May, but still indicative of growth. Businesses also reported increased capital spending, and they were optimistic that business conditions would improve further in the near future.

Survey results suggested that employment and wages increased for many Maryland firms in June. However, finding workers with the necessary skills was a challenge. Survey participants expected this difficulty to continue and employment and wages to continue to grow in the coming months.

The average growth rate of prices paid by survey respondents increased in June, while that of prices received decreased. Growth of prices paid outpaced that of prices received, but respondents expected the gap between them to narrow.

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