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Maryland Survey of Business Activity

April 29, 2021

Business conditions in Maryland strengthened in April, according to the most recent survey from the Federal Reserve Bank of Richmond. The indexes for general business conditions and sales rose from 20 and 8 in March to 32 and 24, respectively, in April. Firms also reported increased expenditures. Survey participants were optimistic that conditions would continue to improve in the coming months.

Survey results suggested that many Maryland firms increased employment and wages in April. However, finding workers with the necessary skills remained a challenge. Survey respondents expected these trends to continue in the near future.

The average growth rates of both prices paid and prices received by Maryland survey participants decreased in April, as growth of prices paid continued to exceed that of prices received. Firms expect growth of both prices paid and prices received to accelerate in the next six months.

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