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Maryland Survey of Business Activity

May 30, 2025

Reports of business activity from Maryland firms deteriorated in May, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions index increased from −32 in April to −25 in May, remaining firmly negative. Meanwhile, the forward-looking index increased to −12. The current sales index decreased from −10 to −16 in May, while the forward-looking index edged down to −3.

The employment index increased to 0, and the corresponding forward-looking index rose to 3 in May. Meanwhile, the current and forward-looking wages indexes changed little from April to May and remained in positive territory. The current and forward-looking indexes for the availability of workers with the necessary skills both improved to 3 in May.

On average, year-over-year growth in prices paid increased substantially and growth in prices received increased moderately. Firms expected growth in prices to moderate somewhat over the next year.

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