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Carolinas Survey of Business Activity

August 28, 2025

Business activity in the Carolinas improved somewhat in August, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions index increased to 8 from −3 in August, and the corresponding expectations index decreased slightly from 7 to 6. The sales index decreased from −1 to −3 while its corresponding expectations index rose from 17 to 32.

The employment index edged up to −2 in August while the wages index rose to 22. Firms expected to increase wages over the near term, as the forward-looking wages index remained firmly in positive territory. Firms reported a decrease in their ability to find workers with the desired skills and anticipated little improvement over the next six months.

Average year-over-year growth in prices paid increased in August, while growth in prices received was nearly unchanged. Firms expected growth in prices to moderate somewhat over the next 12 months.

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