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Maryland Survey of Business Activity

July 24, 2025

Business activity in Maryland remained sluggish in July, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions index increased to −16 from −26 in July, remaining well into negative territory. Meanwhile, the forward-looking index edged down to −16. The current sales index was unchanged at 0 in July, while the forward-looking index rose to −3.

The employment index increased and the corresponding forward-looking index decreased, both registering −6 in July. Meanwhile, the current and forward-looking wages indexes changed little from June to July and remained in positive territory. The current and forward-looking indexes for the availability of workers with the necessary skills were both −6 in July.

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

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