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Maryland Survey of Business Activity

March 26, 2020

Business conditions in Maryland weakened in March, according to the results of the most recent survey by the Federal Reserve Bank of Richmond. The index for general business conditions fell from 25 in February to −17 in March. The sales index also fell but remained positive, while capital spending decreased. Firms were pessimistic about general business conditions in the next six months.

Survey results indicated slower employment growth and a shorter average workweek among Maryland respondents in March. Participants reported difficulty finding necessary skills and expected this struggle to continue in the near future.

The average growth rate of both prices paid and prices received by survey respondents slowed in March, as growth of prices paid continued to outpace that of prices received. Firms expected the gap between the two to widen in the coming months.

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