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Maryland Survey of Business Activity

Aug. 30, 2018

Maryland Firms Reported Weakening Conditions in August

Overview

The Maryland economy weakened in August, according to the results of the latest survey by the Federal Reserve Bank of Richmond. Firms reported further contraction of general business conditions and stagnation in sales. However they remained optimistic that these conditions would improve in the next six months.

Maryland firms also saw slowing growth in employment and shorter workweeks, as both of these indicators reached their lowest values in over a year. Firms expect employment growth to accelerate in the next six months, but anticipate a continued struggle finding workers with necessary skills. Respondents also reported less growth in expenditures, but these indicators remained in expansionary territory.

Growth in prices paid by Maryland firms accelerated in August, while growth in prices received slowed, widening the gap between the two. However, firms expect to see growth of prices paid fall and growth of prices received to rise in the coming months.

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Regional Survey Team
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