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Maryland Survey of Business Activity

June 28, 2018

Maryland Firms Reported Strong Growth in June

Overview

The Maryland economy experienced robust growth in June, according to the results of the latest survey by the Federal Reserve Bank of Richmond. Respondents reported improved business conditions and higher sales, as these indexes rose from 0 to 25 and 5 to 33, respectively. Measures of firms' spending also rose sharply in June and are expected to continue to grow in the coming months.

Employment growth strengthened among Maryland firms this month. However, many employers still struggled to find necessary skills, despite higher wages. They expect these skills shortages to persist in the next six months but are optimistic that employment will increase as well.

Prices growth for both inputs and outputs reportedly slowed in Maryland in June. While input price hikes continued to outpace output price growth, the gap between the two narrowed. Growth of prices for both inputs and outputs is expected to accelerate in the near future.

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Regional Survey Team
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