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Maryland Survey of Business Activity

January 30, 2025

Reports of business activity from Maryland firms remained soft in January, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions index decreased from 4 in December to −4 in January. Firms anticipated improved conditions as the forward-looking index increased to 26 from 15 in December. The current sales index increased from −15 to −4 in January, and expectations for sales in the next six months improved as the forward-looking index increased from 15 to 26.

The employment index fell to −13 in January from −4 in December while the wages index increased from −4 to 26 in January. The forward-looking wages index registered a reading of 57, suggesting that most firms anticipated increased wages over the next six months. The index for the availability of workers with the necessary skills decreased to −9 in January, and the forward-looking index for this metric decreased from 4 in December to −4 in January.

On average, year-over-year growth in prices paid and prices received decreased. Firms expected little change in price growth in the next year.

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Past Reports

Dec. 26, 2024
Business Activity in Maryland Remained Soft in December
Nov. 29, 2024
Business Activity in Maryland Remained Sluggish in November
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Regional Survey Team