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Carolinas Survey of Business Activity

December 26, 2019

Business activity in the Carolinas was soft in December, according to the results of the most recent survey by the Federal Reserve Bank of Richmond. The indexes for general business conditions and sales fell from 2 in November to 0 and −9 in December, respectively, indicating little change in business conditions and a drop in sales. However, survey respondents were optimistic that conditions would improve in the near future.

Survey results reflected growth in both employment and wages in December, but firms continued to struggle to find workers with the necessary skills. Firms expected this difficulty to persist but employment and wages to grow in the coming months.

The growth rates of both prices paid and prices received by firms in the Carolinas declined slightly in December. Growth of prices paid continued to exceed that of prices received. Survey participants expect further declines in growth of both prices paid and prices received in the next six months.

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Regional Survey Team (804) 697-8702