SurveyMonkey Powered Online Survey

General Business Conditions Survey - July 2022

The Minneapolis Fed is responsible for tracking current economic conditions in the Ninth District, a region that includes Minnesota, the Dakotas, Montana, northwestern Wisconsin and Michigan's Upper Peninsula.

We partner with business and economic development groups in each Ninth District state to collect your feedback. This information helps Minneapolis Fed President Neel Kashkari and other leaders assess real-time conditions. Results are also shared with partners, who in turn share with you. We also brief policymakers and release survey results to the general public.

Please take 5 minutes to help inform this broad audience about current economic conditions.

All responses are anonymous. To maintain anonymity, please do not include any self-identifying information in any comments.

Thank you for your time and valuable insights. Both are greatly appreciated.

Ron Wirtz
Regional Outreach Director
Federal Reserve Bank of Minneapolis
612.204.5262
ron.wirtz@mpls.frb.org

Question Title

* 1. In what state is your business or organization located?

Minnesota -- Twin Cities region

Minnesota -- outstate/Greater Minnesota

Montana

North Dakota

South Dakota

Wisconsin

Upper Peninsula of Michigan

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* 2. What is the zip code location of your business or organization?

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* 3. In what sector does your company or organization do business?

Accommodation, food/drink service

Ag & natural resources

Construction

Entertainment/recreation

Finance, insurance & real estate

Health care

Manufacturing

Nonprofit

Professional, scientific & technical services

Retail

Transportation, distribution, warehousing

Other - please specify

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* 4. Recent and future revenues: Please estimate recent quarterly sales/revenue, and your expectations for the near future.

	Decline of > 25%	Decline of 15-25%	Decline of 5-15%	Mostly flat (+/-5%)	Increase of 5-15%	Increase of 15-25%	Increase of > 25%
Last 3 months compared with the prior quarter	Last 3 months compared with the prior quarter Decline of > 25%	Last 3 months compared with the prior quarter Decline of 15-25%	Last 3 months compared with the prior quarter Decline of 5-15%	Last 3 months compared with the prior quarter Mostly flat (+/-5%)	Last 3 months compared with the prior quarter Increase of 5-15%	Last 3 months compared with the prior quarter Increase of 15-25%	Last 3 months compared with the prior quarter Increase of > 25%
Last 3 months compared with same period last year	Last 3 months compared with same period last year Decline of > 25%	Last 3 months compared with same period last year Decline of 15-25%	Last 3 months compared with same period last year Decline of 5-15%	Last 3 months compared with same period last year Mostly flat (+/-5%)	Last 3 months compared with same period last year Increase of 5-15%	Last 3 months compared with same period last year Increase of 15-25%	Last 3 months compared with same period last year Increase of > 25%
Expectations for next 3 months, compared with same period last year	Expectations for next 3 months, compared with same period last year Decline of > 25%	Expectations for next 3 months, compared with same period last year Decline of 15-25%	Expectations for next 3 months, compared with same period last year Decline of 5-15%	Expectations for next 3 months, compared with same period last year Mostly flat (+/-5%)	Expectations for next 3 months, compared with same period last year Increase of 5-15%	Expectations for next 3 months, compared with same period last year Increase of 15-25%	Expectations for next 3 months, compared with same period last year Increase of > 25%

Added comments:

Question Title

* 5. Recent and future profits: Please estimate profits, and your expectations for the near future.

	Significantly lower	Somewhat lower	Little or no change	Somewhat higher	Significantly higher
Last 3 months compared with the prior quarter	Last 3 months compared with the prior quarter Significantly lower	Last 3 months compared with the prior quarter Somewhat lower	Last 3 months compared with the prior quarter Little or no change	Last 3 months compared with the prior quarter Somewhat higher	Last 3 months compared with the prior quarter Significantly higher
Last 3 months compared with same period last year	Last 3 months compared with same period last year Significantly lower	Last 3 months compared with same period last year Somewhat lower	Last 3 months compared with same period last year Little or no change	Last 3 months compared with same period last year Somewhat higher	Last 3 months compared with same period last year Significantly higher
Expectations for next 3 months, compared with same period last year	Expectations for next 3 months, compared with same period last year Significantly lower	Expectations for next 3 months, compared with same period last year Somewhat lower	Expectations for next 3 months, compared with same period last year Little or no change	Expectations for next 3 months, compared with same period last year Somewhat higher	Expectations for next 3 months, compared with same period last year Significantly higher

Additional comments; what is having biggest impact on profits?

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* 6. Challenges: Aside from customer demand, what are the two greatest challenge to your current operating capacity and productivity? (Please check only TWO boxes)

Child care needs of existing workforce

Covid/Omicron-related costs and other impacts

Government taxes and regulation

Higher interest rates/financing costs

Inability to return to office

Labor availability for open positions

Local/state government operating restrictions

Making necessary capital expenditures

Price increases for material/nonlabor inputs

Supply chain disruptions

Other (please identify below)

Please specify "other" factors, and offer additional comments:

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* 7. Labor demand: Please indicate current hiring demand/job openings (check all that apply).

Cutting employees

Not hiring

Hiring to fill turnover

Hiring seasonal and/or part-time workers

Hiring full-time, permanent workers

Additional comments

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* 8. Staffing changes: Please estimate changes in staffing levels at your firm, as well as expected future staffing expectations.

	Significantly lower	Modestly lower	No change	Modestly higher	Significantly higher
Current staffing levels compared with 3 months ago	Current staffing levels compared with 3 months ago Significantly lower	Current staffing levels compared with 3 months ago Modestly lower	Current staffing levels compared with 3 months ago No change	Current staffing levels compared with 3 months ago Modestly higher	Current staffing levels compared with 3 months ago Significantly higher
Turnover compared with 3 months ago	Turnover compared with 3 months ago Significantly lower	Turnover compared with 3 months ago Modestly lower	Turnover compared with 3 months ago No change	Turnover compared with 3 months ago Modestly higher	Turnover compared with 3 months ago Significantly higher
Expected staffing levels in 6 months compared with current staffing	Expected staffing levels in 6 months compared with current staffing Significantly lower	Expected staffing levels in 6 months compared with current staffing Modestly lower	Expected staffing levels in 6 months compared with current staffing No change	Expected staffing levels in 6 months compared with current staffing Modestly higher	Expected staffing levels in 6 months compared with current staffing Significantly higher

Please elaborate on staffing trends and turnover (+/-).

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* 9. Staffing levels: Please identify the number of full-time equivalent workers at your firm.

Sole proprietor

1 to 10

11 to 50

51 to 250

more than 250

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* 10. Wages: Please describe recent changes to average wages at your firm, and and expected future changes.

	Wage cut (any size)	Little or no change (+/- 1%)	Wage increase of 1-3%	Wage increase of 3-5%	Wage increase > 5%
Compared with 12 months ago	Compared with 12 months ago Wage cut (any size)	Compared with 12 months ago Little or no change (+/- 1%)	Compared with 12 months ago Wage increase of 1-3%	Compared with 12 months ago Wage increase of 3-5%	Compared with 12 months ago Wage increase > 5%
Expected over the coming 12 months	Expected over the coming 12 months Wage cut (any size)	Expected over the coming 12 months Little or no change (+/- 1%)	Expected over the coming 12 months Wage increase of 1-3%	Expected over the coming 12 months Wage increase of 3-5%	Expected over the coming 12 months Wage increase > 5%

Please elaborate on recent/expected wage actions:

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* 11. Labor availability: If hiring, how would you assess current ability to find and hire necessary labor?

Extremely difficult

Moderately difficult

Slightly difficult

Not difficult

Not hiring

Please elaborate on any element of the hiring process:

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* 12. Labor market reaction: What has your company done in the last six months to help either attract or retain workers, or otherwise address labor needs? (Check all that apply)

Help with worker transportation

Improved/accelerated process for new hires

Increased wages

Increased retirement benefits

Increased training budget and activities for NEW employees

Increased training budget and activities for ALL employees

Increased work/schedule flexibility

Increased automation

Increased paid internship opportunities

Increased remote/work-from-home options

Increased subsidies or other help for child care

Improved health insurance coverage

Improved other benefits

Lowered education requirements

Lowered experience requirements

Lowered or reassessed criminal background checks

Offered hiring bonuses

Offered retention or attendance bonuses

Offering more on-site perks (free food, drinks, other)

Outsourced work

Removed or reassessed drug screening

Please specify 'other' and add comments on any options listed above:

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* 13. Prices: How would you describe current price levels compared with the same period last year?

	Higher by > 10%	Higher by 5-10%	Higher by 1-5%	Mostly flat (+/- 1%)	Lower by 1-5%	Lower by > 5%
Non-labor input prices	Non-labor input prices Higher by > 10%	Non-labor input prices Higher by 5-10%	Non-labor input prices Higher by 1-5%	Non-labor input prices Mostly flat (+/- 1%)	Non-labor input prices Lower by 1-5%	Non-labor input prices Lower by > 5%
Final/retail prices to customers	Final/retail prices to customers Higher by > 10%	Final/retail prices to customers Higher by 5-10%	Final/retail prices to customers Higher by 1-5%	Final/retail prices to customers Mostly flat (+/- 1%)	Final/retail prices to customers Lower by 1-5%	Final/retail prices to customers Lower by > 5%

Please elaborate, particularly whether related to demand or to supply chain disruptions.

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* 14. Prices: How would you describe prices compared with last month?

	Much higher	Somewhat higher	Little or no change	Somewhat lower	Much lower
Wholesale prices from vendors	Wholesale prices from vendors Much higher	Wholesale prices from vendors Somewhat higher	Wholesale prices from vendors Little or no change	Wholesale prices from vendors Somewhat lower	Wholesale prices from vendors Much lower
Retail prices to customers	Retail prices to customers Much higher	Retail prices to customers Somewhat higher	Retail prices to customers Little or no change	Retail prices to customers Somewhat lower	Retail prices to customers Much lower

Additional comments:

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* 15. Interest rates: How would you describe the impact of higher interest rates on your business' operations?

Too early to tell

Positive impact (any level)

Small negative impact

Moderate negative impact

Significant negative impact

Extreme negative impact

Additional comments:

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* 16. Supply chain: How would you describe your firm's ability to receive critical supplies for your operations?

No difficulties

Modest difficulties

Moderate difficulties

Significant difficulties

Extreme difficulties

Please describe product shortages and source of difficulty (if known):

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* 17. Outlook: What is your outlook for the coming six months?

Likely to go out of business

Very pessimistic

Somewhat pessimistic

Neutral

Somewhat optimistic

Very optimistic

Don't know

Please elaborate on your outlook:

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* 18. Please check any/all that apply to your firm's ownership:

Minority owned (race/ethnicity)

Woman owned

Veteran owned

Other/none of the above