Tell the Minneapolis Fed how the pandemic continues to impact your business!

The Minneapolis Fed continues to gauge economic effects of COVID-19 in the Ninth District, a region that includes Minnesota, the Dakotas, Montana, northwestern Wisconsin and Michigan's Upper Peninsula. 

We are partnering with local and state chambers of commerce, state and regional economic development associations and other business groups in each Ninth District state to collect your feedback. Please take 5 minutes to help the Minneapolis Fed better understand conditions that shape monetary policy.

All responses are anonymous. We expect to share respondent comments with survey partners, and potentially the public, to better spotlight challenges facing businesses. To maintain anonymity, please do not include any self-identifying information in any comments.

Thank you for your time and valuable insights. The Minneapolis Fed wishes you and your business health and prosperity in the coming year.

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

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* 1. In what state is your firm located?

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

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* 3. Recent and future revenues: Please estimate COVID's recent effect on average sales/revenue at your firm, 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% Don't know/not applicable
Q4 (Oct-Nov-Dec 2020), compared with Q4 2019
Q4 2020 compared with Q3 2020
Expectations for Q1 2021, compared with Q1 2020

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* 4. Federal stimulus: What net effect has recent federal stimulus had on your firm so far, and expected to have over the next 1-2 months?

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* 5. Workforce: Please estimate recent changes in staffing levels at your firm, and your staffing expectations for the near future.

  Significantly lower Modestly lower No change Modestly higher Significantly higher Don't know
Current staffing compared with 12 months ago
Current staffing compared with October 2020 levels
Expected staff levels in 3 months compared with current staffing

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* 6. Wages: Please describe recent changes to average wages at your firm, and and expected future changes by year end.

  Wage cuts > 10% Wage cuts of 1-10% No change/wage freeze (+/- 1%) Wage increase of 1-3% Wage increase of 3-5% Wage increase > 5% Don't know/not applicable
Current average wages compared with pre-virus levels
Additional wage actions expected over the coming 6 months

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* 7. Operating capacity: Tell us about your current production/operating capacity compared with this time last year.

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* 8. Demand: Tell us about customer demand in relation to your firm's operating capacity.

  Well below current supply capacity; could satisfy much higher demand Somewhat below current supply capacity At or near supply capacity Well above supply capacity; turning away business Don't know
Recent customer demand
Customer demand expected over coming quarter

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* 9. Aside from customer demand, what is the greatest challenge to your firm's current operating capacity and productivity?

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* 10. Prices: How would you describe current price levels compared with pre-pandemic levels?

  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
Final/retail prices to customers

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* 11. Solvency: If current economic conditions persist, how long could your firm stay solvent?

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* 12. Outlook: What is your outlook for the first half of 2021

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

  Sole proprietorship 1 to 10 11 to 50 51 to 250 more than 250
Before COVID
Currently

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

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