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    Business Inflation Expectations Remain Relatively Unchanged at 2.3 Percent - February 2024

    • Inflation expectations: Firms' year-ahead inflation expectations remained relatively unchanged at 2.3 percent, on average.
    • Current economic environment: Sales levels and profit margins "compared to normal" increased over the month. Year-over-year unit cost growth remained relatively unchanged at 2.6 percent, on average.
    • Quarterly question: Over the past 12 months, firms saw prices rise by an average of 6.0 percent, but they project a more moderate increase of approximately 3.8 percent in the next 12 months.
    • Special question: Firms were asked about the factors they follow when setting prices. They were also asked about the impact of the Consumer Price Index on their business decisions. A breakdown of the results can be found in the special question section below.

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    Source: Atlanta Fed Business Inflation Expectations (BIE) Survey

     

    Standard Questions

    The questions below are asked each month to assess the firm’s current business environment and inflation expectations.

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    Source: Federal Reserve Bank of Atlanta

     

    Source: Federal Reserve Bank of Atlanta

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    Source: Federal Reserve Bank of Atlanta

     

    Source: Federal Reserve Bank of Atlanta

    Show Time Series | Show Response Breakdown

    Source: Federal Reserve Bank of Atlanta

     

    Source: Federal Reserve Bank of Atlanta

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    Source: Federal Reserve Bank of Atlanta

     

    Source: Federal Reserve Bank of Atlanta


    Rotating Questions

    Each question is asked once per quarter in the order indicated below.

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    Source: Federal Reserve Bank of Atlanta

     

    Source: Federal Reserve Bank of Atlanta

    Source: Federal Reserve Bank of Atlanta

    Note: After careful consideration, we have chosen to discontinue the common influences on prices quarter questions in favor of the price change realizations and expectations questions, which we hope will be more useful for policy analysis and in research.

    Show Diffusion | Show Response Breakdown

    Source: Federal Reserve Bank of Atlanta

     

    Source: Federal Reserve Bank of Atlanta

    Show Diffusion | Show Response Breakdown

    Source: Federal Reserve Bank of Atlanta

     

    Source: Federal Reserve Bank of Atlanta

    Show Diffusion | Show Response Breakdown

    Source: Federal Reserve Bank of Atlanta

     

    Source: Federal Reserve Bank of Atlanta

    Show Diffusion | Show Response Breakdown

    Source: Federal Reserve Bank of Atlanta

     

    Source: Federal Reserve Bank of Atlanta

    Show Diffusion | Show Response Breakdown

    Source: Federal Reserve Bank of Atlanta

     

    Source: Federal Reserve Bank of Atlanta


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    The Business Inflation Expectations (BIE) is fielded by the Federal Reserve Bank of Atlanta. It was designed, tested and refined by the Atlanta Fed Economic Research Survey Center.

    Our monthly Business Inflation Expectations (BIE) Survey goes to about 640 panel members (as of June 2023), who occupy executive and managerial positions at 6th district's firms. We contact panel members each month by email, and they respond via a web-based instrument.

    Survey questions pertain to current, past, and future outcomes at the respondent's firm. Our primary objective is to elicit the respondent's subjective forecast distributions over own-firm future unit-cost growth. We gather qualitative information on firms' sales levels and margins on a monthly basis. We include a set of rotating quarterly questions covering firms' longer-run probabilistic unit-cost expectations, quantitative sales gaps, and factors influencing pricing. Our survey also includes space of special questions on timely, policy-relevant topics.

    Survey Release Dates

    The survey period runs from Monday to Friday, typically at midmonth. Survey release dates are scheduled for the following Wednesday, except in cases where the release would conflict with the Federal Open Market Committee (FOMC) blackout period, which begins at midnight ET the second Saturday before meetings of the FOMC and lasts until midnight ET the day after a meeting ends. In such cases, the release is changed to respect the FOMC's communications guidelines.

    2023
    January 11
    February 15
    March 15*
    April 12
    May 10
    June 14*
    July 12
    August 16
    September 13*
    October 11
    November 15
    December 13*

    2024
    January 17
    February 21
    March 20*
    April 17
    May 22
    June 20*
    July 17
    August 21
    September 18*
    October 23
    November 20
    December 18*

    * The posting will not contain a special question.

    To make sound policy decisions in a shifting landscape, our policymakers look to business leaders to learn more about their expectations, the challenges they face, and their overall view of economy. Now more than ever, input from business decision-makers will be key to our understanding of the path forward. We hope you will consider lending your voice to this important work.

    If you are interested in joining a diverse group of businesses that provide deeper insight into economic conditions, please complete this form or contact Grace Guynn.