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Carolinas Survey of Business Activity

September 30, 2021

Firms in the Carolinas reported softening growth in September, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions index and the sales index declined from 4 and 19 in August to 3 and 7, respectively, in September, but reflected some growth. Firms in the Carolinas reported increased capital spending in September, and they were optimistic that conditions would improve in the near future.

Survey results indicated that many firms raised wages in September, and some saw increased employment. However, many firms were unable to find workers with the necessary skills. They expected this difficulty to persist and employment and wages to grow further in the coming months.

The average growth rates of both prices paid and prices received by survey participants increased in September. Growth of prices paid continued to outpace that of prices received, but respondents expected this gap to narrow in the next year.

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