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Carolinas Survey of Business Activity

June 28, 2018

Firms in the Carolinas Reported Moderate Growth in June

Overview

The Carolinas economy expanded moderately in June, according to the latest survey results from the Federal Reserve Bank of Richmond. The general business conditions index remained firmly in positive territory in June, while a greater portion of firms reported an increase in sales than a decrease. Both sales and business conditions are expected to continue to improve among Carolinas firms in the coming months.

Survey responses indicate strong growth in employment and wages in June, trends that are expected to persist in the near future. However, many firms were unable to hire workers with the skills they needed, as the index for available skills dropped to −16, its lowest reading since February 2008.

Spending growth continued in June, particularly for equipment and software, but results suggest that firms anticipate weaker expenditure growth in the next six months. Growth accelerated in both prices paid and prices received, with input prices continuing to rise faster than output prices. Firms expect this trend to end soon as they anticipate faster growth of output prices and slower growth of input prices.

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Regional Survey Team (804) 697-8702