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Federal Reserve Bank of Richmond

Carolinas Survey of Business Activity

March 26, 2020

Business activity in the Carolinas softened in March, 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 17 and 19 in February to −6 and 0 in March, respectively. However, capital spending continued to grow. Respondents were pessimistic about the future, expecting general business conditions to deteriorate in the coming months.

Survey participants reported employment and wage growth as well as an increased average workweek in March. Employers struggled to find workers with the necessary skills and expected this struggle to continue in the coming months.

The average growth rate of prices paid by survey respondents slowed in March, while that of prices received increased, narrowing the gap between the two. Firms expected growth of prices paid to slow further in the next six months.

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Past Reports

Feb. 27, 2020
Business Activity Was Robust in February
Jan. 30, 2020
Business Activity Strengthened in January
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