Maryland Survey of Business Activity

July 27, 2017

Reports from Maryland Firms Softened Somewhat in July but Remained Positive

Overview

Firms in Maryland were generally upbeat in July, according to the latest survey by the Federal Reserve Bank of Richmond. The index for general business conditions remained well above 0 at 20, although that reading was down 10 points from June. The sales/shipments index was also lower in July. On the other hand, expectations for business conditions six months out improved from 18 in June to 20 in July while the expected sales index was unchanged at 21.

Despite some softening in the measures of business activity and sales, indicators of labor market conditions generally improved. The employment index rose from 5 in June to 14 in July while the wages index climbed from 24 to 35. Meanwhile, although the skills availability index remained in negative territory, it improved from June.

Maryland firms indicated that growth in prices paid moderated somewhat while growth in prices received edged up. Firms' expectations for price growth six months out moderated, on average.

Charts

Index Table

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Jeannette Plamp
Associate Regional Economist
(804) 697-8152