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Federal Reserve Bank of Richmond

Carolinas Survey of Business Activity

January 28, 2021

Some firms in the Carolinas reported softening business conditions in January, according to the most recent survey from the Federal Reserve Bank of Richmond. The indexes for general business conditions and sales increased from −8 in December to −3 and −2, respectively, in January. However, firms reported some increases in capital spending and were optimistic that conditions would improve in the near future.

An equal number of survey participants reported increasing and decreasing employment in January, and many firms reported wage increases. Respondents struggled to find workers with the necessary skills, and they expected this difficulty to continue and wages to rise in the coming months.

The average growth rates of both prices paid and prices received by survey participants increased in January, as growth of prices paid continued to outpace that of prices received. Firms expected to see a decline in growth of both prices paid and prices received in the next six months.

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Past Reports

Dec. 23, 2020
Firms in the Carolinas Reported Declines in December
Nov. 25, 2020
Firms in the Carolinas Reported Growth in November
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Regional Survey Team (804) 697-8702