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Maryland Survey of Business Activity

September 30, 2021

Maryland businesses reported some growth in September, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions index and the sales index fell from 12 and 17 in August to 8 and 6, respectively, in September, but they remained in expansionary territory. Businesses reported increased capital spending and were optimistic, overall, that conditions would improve in the next six months.

Survey results suggested that many Maryland firms increased employment and wages in September. However, firms struggled to find workers with the necessary skills. They expected this difficulty to continue and employment and wages to continue to grow in the near future.

The average growth rate of prices paid by survey respondents declined in September, while that of prices received increased, but growth of prices paid continued to outpace that of prices received. Survey participants expected growth of prices paid to slow further in the near future.

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