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Carolinas Survey of Business Activity

March 27, 2025

Business activity in the Carolinas slowed in March, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions index decreased notably from 9 in February to −11 in March, and the corresponding expectations index fell from 24 to 1. The sales index also fell notably from 10 in February to −6 in March. Its corresponding expectations index decreased but remained in positive territory.

The employment index edged down from 10 in February to 7 in March while the wages index decreased from 27 to 21. Firms expected to increase wages over the near term, as the forward-looking wages index remained firmly in positive territory. Firms reported little change in their ability to find workers with the desired skills but anticipated some improvement over the next six months.

Average year-over-year growth in prices paid increased notably, while average growth in prices received increased somewhat in March. Firms expected further growth in prices paid and prices received over the next 12 months.

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Past Reports

Feb. 27, 2025
Business Activity in the Carolinas Improved in February
Jan. 30, 2025
Business Activity in the Carolinas Slowed in January
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Regional Survey Team