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Maryland Survey of Business Activity

February 29, 2024

Maryland firms reported sluggish business conditions in February, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions index rose notably from −26 to −3 but remained in negative territory. Meanwhile the current sales index fell from −10 in January to −19 in February.

All three spending indexes decreased in February, retreating further into negative territory. The equipment and software index fell the most, from −3 in January to −16 in February.

The employment index decreased to −16 in February and firms reported increased difficulty finding workers with the desired skills. Meanwhile, the wages index was unchanged.

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

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