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Carolinas Survey of Business Activity

March 28, 2024

Business activity in the Carolinas was relatively flat in March, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions index increased from 0 in February to 6 in March, and the corresponding expectations index remained unchanged at 17. The sales index increased notably from −14 in February to 0 in March, while its corresponding expectations index decreased slightly but remained firmly in positive territory.

The employment index edged up from 1 in February to 4 in March while the wages index remained elevated, and firms reported little improvement in their ability to find workers with the necessary skills. Most firms expected wages to continue increasing over the near term and anticipated little improvement in their ability to find workers with the desired skills over the next six months.

The average year-over-year growth in prices paid and prices received decreased slightly in March. Firms expected price growth to moderate over the next year.

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Past Reports

Feb. 29, 2024
Business Activity in the Carolinas Was Sluggish in February
Jan. 25, 2024
Business Activity in the Carolinas Remained Slow in January
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Regional Survey Team (571) 287-0448