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SORCE Insights: An Initial Look at the Anticipated Impact of Tariffs on Fourth District Businesses
The Cleveland Fed’s Survey of Regional Conditions and Expectations (SORCE) administered in February 2025 asked respondents from across the Fourth District a set of special questions about the potential impact of tariffs on their business. This District Data Brief analyzes their responses.
Key Takeaways from the Business Outlook and Trends Survey
This District Data Brief analyzes the results of the inaugural Business Outlook and Trends Survey (BOTS), which aimed to shed light on business conditions in the Fourth District. Firms were asked about their business conditions during the six months prior to the survey and their expectations for the six months following the survey. The survey covered topics such as consumer demand, capital investments, and staffing levels.
Journal Article
Understanding the Motivations for Business Participation in Voluntary Web-Based Business Surveys
As survey response rates decline nationwide, Federal Reserve Banks face challenges to engaging business survey panelists to collect some of the economic data that helps inform monetary policy. This Economic Commentary examines what motivates businesses to participate in some of the survey panels run by the regional groups at the Federal Reserve Banks of Cleveland and Richmond. Based on 312 survey responses, our results show that while helping the Fed is the primary motivation across all segments, participation drivers vary by firm size, recruitment method, and panel tenure. These findings ...