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Maryland Survey of Business Activity

December 23, 2020

Firms in Maryland reported weakening business in December, according to the most recent survey from the Federal Reserve Bank of Richmond. The indexes for general business conditions and sales fell from 13 and 10 in November to −30 and −23 in December, respectively, their lowest readings since May. However, survey respondents expected conditions to improve in the coming months.

Survey results suggested that many Maryland firms increased employment and wages in December, but firms experienced continued difficulty finding workers with the necessary skills. Respondents expected this difficulty to continue but employment and wages to rise in the near future.

The average growth rate of prices paid by survey participants increased in December, while that of prices received fell slightly, broadening the gap between the two. Respondents expected growth rates of both prices paid and prices received to rise in the next six months.

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