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Maryland Survey of Business Activity

October 29, 2020

Firms in Maryland reported strengthening business activity in October, according to the latest survey from the Richmond Fed. The indexes for general business conditions and sales rose from 7 and 5 in September to 24 and 29, respectively, in October. This was the highest reading for general business conditions since February 2020 and the highest reading for sales since June 2018. Meanwhile, more contacts increased than decreased capital expenditures for the first time this year. Contacts were optimistic that conditions would continue to improve in the coming months.

Survey results suggest that many firms increased employment, wages, and the average workweek in October. Contacts expected these trends to continue in the near future.

Average growth of prices paid by Maryland survey respondents slowed in October, while that of prices received crept up slightly. Contacts expected growth of both prices paid and prices received to accelerate in the next six months.

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