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Maryland Survey of Business Activity

June 25, 2020

Maryland businesses reported weak conditions in June, according to the latest survey from the Federal Reserve Bank of Richmond. The indexes for general business conditions and sales increased from −54 and −32 in May to −11 and −21 in June, respectively, but reflected continued softening. Maryland firms also reported further decreases in spending in June, but were optimistic that conditions would improve in the next six months.

Survey results suggested that employment and wages decreased for some Maryland firms in June, but firms also reported less difficulty finding workers with the necessary skills. Firms expected employment, wages, and the average workweek to rise in the coming months.

The average growth rate of prices paid by Maryland survey participants rose in June while that of prices received fell, widening the gap between the two. However, firms expected growth of prices paid to slow and that of prices received to accelerate in the near future.

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