Maryland firms reported improved but slow business conditions in June, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions index increased notably from −28 to 4 in June. Meanwhile the current sales index rose from −8 in May to 0 in June. The future indexes for business conditions and sales decreased, with the former falling from 4 in May to −12 in June.
Movement in the three spending indexes was mixed in June. The business service expenditures index was unchanged at 0, the total capital expenditures index rose to −8, and the equipment and software expenditures index fell to −17.
The employment index decreased to −4 in June, and firms reported some improvement in their ability to find workers with the desired skills. Firms, however, anticipated increased difficulty finding workers with the necessary skills over the coming months. Meanwhile, the wages index remained elevated.
On average, year-over-year growth in prices paid increased notably, while growth in prices received decreased slightly. Firms expected growth in prices to moderate somewhat over the next 12 months.
Discussion about this post