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Maryland Survey of Business Activity

December 26, 2019

Business conditions in Maryland weakened in December, according to the results of the most recent survey by the Federal Reserve Bank of Richmond. The indexes for general business conditions and sales fell from 15 and 8 in November to −4 and −15 in December, respectively. Meanwhile, capital spending remained fairly flat. Firms expected business conditions to improve in the next six months.

Survey results indicated a decrease in employment and the average workweek but continued wage growth in December. Firms also struggled to find workers with the necessary skills. They expected that difficulty to continue but wages and employment to grow in the near future.

The growth rates of both prices paid and prices received by Maryland firms increased in August, while growth of prices paid continued to outpace that of prices received. Survey respondents expected the gap between the two to narrow in the coming months.

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Regional Survey Team (804) 697-8702