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Maryland Survey of Business Activity

Jan. 25, 2018

Maryland Firms Reported Accelerating Growth in January


According to the Richmond Fed's latest survey, Maryland firms reported accelerating growth in January. The indexes for both general business conditions and sales rose from their December values, and firms remained optimistic, expecting growth to continue in the coming months.

However, firms reported softening employment conditions. The indicator of employment growth remained positive but decreased, meaning that a smaller share of respondents increased employment than in December. Firms saw a decrease in the availability of necessary skills, as the index fell from −8 to −14. As labor growth slowed, a larger share of survey respondents reported raising wages in January. Firms expect wages to continue to rise over the next six months.

Price increases accelerated for both inputs and outputs among Maryland firms, but growth of input prices continued to outpace growth of output prices. Respondents expect prices to continue to rise and expect the pattern of faster growing input prices to continue in the coming months.


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