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Maryland Survey of Business Activity

July 26, 2018

Maryland Firms Reported Weakening Conditions in July

Overview

According to the results of the most recent survey by the Federal Reserve Bank of Richmond, Maryland business activity dampened in July. The survey's general business conditions indicator dropped from 25 in June to −3 in July. Firms saw slowing growth in sales and in business expenditures. However, respondents were optimistic that conditions will improve in the coming months.

Survey results suggest slightly slower employment growth in July, and firms continued to struggle to find workers with the skills they required. They expect this difficulty to persist in the next six months, and a larger portion of firms also expect to see a decrease in the workweek than an increase.

Growth of both prices paid and prices received increased slightly among Maryland firms in July, and growth in prices paid continued to outpace growth of prices received. Respondents expect this trend to continue in the coming months.

Charts

Index Table

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Regional Survey Team
(804) 697-8702