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Maryland Survey of Business Activity

June 24, 2021

Maryland businesses reported growth in June, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions and sales indexes stood at 31 and 19, respectively, in June, down from 39 and 32 in May but still firmly in expansionary territory. Businesses also reported increased capital spending and were optimistic that conditions would continue to improve in the near future.

Many survey respondents increased employment and wages in June, but they struggled to find workers with the necessary skills. They expected these trends to continue in the next six months.

The average growth rate of prices paid by survey participants decreased in June while the growth rate for prices received increased. Still, growth of prices paid outpaced that of prices received, and respondents expected price growth to be fairly steady, on average, in the coming months.

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