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Maryland Survey of Business Activity

September 29, 2022

Maryland firms reported dramatic improvement in economic activity in September, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions index rose from August, returning to positive territory. Survey participants were also less pessimistic about future business conditions, as the expectations index rose in September to 0. Likewise, the sales index rose notably, increasing from −24 in August to 8 in September. More firms also expected sales to increase over the next six months.

Despite improved conditions, more firms reported decreased business and equipment spending in September, with the business services and equipment/software expenditures indices falling. On the other hand, the total capital expenditures index increased from 2 to 16. Hiring increased in September as the employment index rose to 13. Additionally, fewer firms reported that it has become harder to find workers with the desired skillsets. Wage increases were widespread in September, and firms generally expected wages to remain elevated over the next six months, as the wages expectations index increased again.

On average, year-over-year growth in prices paid increased, while growth in prices received decreased in September. Firms continued to expect growth to moderate over the next 12 months.

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Regional Survey Team (571) 287-0448