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Maryland Survey of Business Activity

March 28, 2024

Maryland firms reported sluggish business conditions in March, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions index inched down from −3 to −4 in March. Meanwhile the current sales index increased from −19 in February to −13 in March.

All three spending indexes increased in March but remained at or below 0. The equipment and software index rose the most, from −16 in February to 0 in March.

The employment index increased to −4 in March, though firms reported increased difficulty finding workers with the desired skills. Firms anticipated continued difficulty finding workers with the necessary skills over the coming months. Meanwhile, the wages index remained elevated.

On average, year-over-year growth in prices paid increased, while growth in prices received decreased slightly. Firms expected growth in prices to moderate over the next 12 months.

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