Fed: Md. economy seen improving

Posted: 6:23 pm Tue, November 3, 2009
By Daily Record Staff

Business activity in Maryland increased in October, the Federal Reserve Bank of Richmond reported. Businesses reported an increase in sales and customer traffic, while prices and investment spending continued to decline, although the rate of decline eased.

October sales rose for the first time since November 2007 — just before the onset of the recession.

However, businesses continued to report a decline in inventory and investment in new equipment and software, though at a lesser rate than in September, the bank noted. Looking at the future, expectations of economic activity six months from now are higher than in the recent past, according to the report.