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Carolinas Survey of Business Activity

June 25, 2020

Firms in the Carolinas reported improved business conditions in June, according to the most recent survey from the Federal Reserve Bank of Richmond. The indexes for general business conditions and sales rose from −67 and −52 in May to 9 and 0 in June, respectively, as the index for general conditions registered its largest one-month increase on record. Spending indexes also rose from June but remained at or below 0. Firms in the Carolinas were optimistic that conditions and sales would increase in the coming months.

Survey results suggested that employment was fairly steady, overall, among firms in the Carolinas. However, some survey participants reported increases in wages and the average workweek. Firms expected employment, wages, and the average workweek to rise in the near future.

The growth rates of both prices paid and prices received by survey respondents inched up slightly in June, as growth of prices paid continued to outpace that of prices received. Firms expected the gap between the two measures of price growth to widen in the next six months.

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