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Maryland Survey of Business Activity

January 26, 2023

Maryland firms reported softened business conditions in January, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions index fell notably to −26 in January from −15 in December. Survey participants remained pessimistic about future business conditions, although there was a modest increase in the expectations index. The current sales index continued to indicate declining sales for most firms.

Firms reported increased spending across the board, led by a substantial increase in the business services expenditures index. Although the indexes for capital expenditures and equipment/software spending decreased, they remained slightly above zero. The employment index also remained slightly positive as firms continued to report difficulty finding workers with the necessary skills. Meanwhile, the wage index rose notably to 44 in January.

On average, year-over-year growth in both prices paid and price received decreased in January. Firms continued to expect growth to moderate over the next 12 months.

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