Maryland Survey of Business Activity

Aug. 24, 2017

Business Activity Softened in Maryland in August, but Firms Remained Generally Positive

Overview

Firms in Maryland reported moderated economic activity in August, according to the latest survey by the Federal Reserve Bank of Richmond. The index for general business conditions softened further, falling to 12 from 20 in July, after a reading of 30 in June. However, the sales/shipment index rose to 10 in August from 6 in July. In addition to positive movement on the sales/shipments index, expectations for both business conditions and sales/shipments six months out improved in August.

Despite some softening in the measures of business activity, indicators of labor market conditions remained generally positive. The index for employment rose from 14 in July to 16 in August and the average workweek index rose from 6 to 8 at the same time. The wages index fell slightly, but remained elevated at 31. However, the skills availability index dropped further into negative territory.

Maryland firms indicated that growth in prices paid picked up somewhat while growth in prices received moderated.

Charts

Index Table

Survey Participation, Report, and Data Questions

Jeannette Plamp
Associate Regional Economist
(804) 697-8152