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Maryland Survey of Business Activity

August 26, 2021

Maryland businesses mostly reported growth in August, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions index fell from 35 in July to 12 in August while the sales index rose from 14 July to 17 in August, leaving both indexes in expansionary territory. Firms increased spending, and they expected conditions to improve in the coming months.

Survey results suggested that many Maryland firms increased employment and wages in August, but they struggled to find workers with the necessary skills. They expected these trends to continue in the next six months.

The average growth rates of both prices paid and prices received by survey participants increased in August. Growth of prices paid exceeded that of prices received, but respondents expected the gap between them to narrow in the near future.

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