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Maryland Survey of Business Activity

July 25, 2024

Maryland firms reported deteriorated business conditions in July, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions index fell from 4 to −17 in July. Meanwhile the current sales index remained unchanged at 0 in July. The future indexes for business conditions and sales decreased, with the latter falling into negative territory for the first time in six months.

The employment index decreased to −13 in July, and firms reported a reduction in their ability to find workers with the desired skills. Meanwhile, the wages index decreased from 21 to 7. Firms anticipated little change in their ability to find workers with the necessary skills over the coming months.

The business services expenditures and total capital expenditures indexes decreased in July, while the equipment and software expenditures index was unchanged at −17.

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

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