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Maryland Survey of Business Activity

August 24, 2023

Maryland firms reported flat business conditions in August, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions index edged up from −5 in July to −3 in August, but the current sales index fell from 2 to −5.

Two of the three spending indexes registered 0 in August, while the business services expenditures index rose slightly from −10 in July to −5 in August.

The employment index increased to 5, and some firms reported increased difficulty finding workers with the desired skills. Meanwhile, the wage index increased from 17 in July to 24 in August.

On average, year-over-year growth in prices paid and prices received increased slightly. Firms continued to expect growth in prices to moderate over the next 12 months.

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