The Regional Economic Studies Institute (RESI) at Towson University is the source for the latest data and analysis on Maryland’s economy. Each month, RESI Chief Economist Dr. Daraius Irani provides an analysis of the latest Maryland unemployment numbers. His analysis ensures business leaders have key information needed to determine how Maryland’s economic status impacts their organization. RESI on the Economy is your source for the latest data and analysis of Maryland’s economy and employment numbers.

The Dog Days of Summer

This August was the hottest month on record, and even Maryland’s jobs appeared to have slowed down in the summer heat. Although total nonfarm employment rose by 700 jobs between July and August, the increase was mostly due to government hiring; total private employment fell by 5,300 jobs, a decline of 0.25 percent. Despite a loss of jobs and an increase in the number of unemployed, Maryland’s unemployment rate stayed constant at 4.3% for the third month in a row. Despite this slow month, Maryland is still ahead of our job total from last August by 44,700 jobs, an increase of 2.1 percent.

The largest declines in jobs over the past month were in the Professional and Business Services supersector, which lost 4,900 jobs in August. This was mostly attributable to the loss of 3,900 jobs in the Professional, Scientific, and Technical Services subsector and a 1,300 decrease in the Administrative and Support and Waste Management and Remediation Services subsector. The Management of Companies and Enterprises subsector actually increased by 300 jobs, a 1.23 percent increase. Other large supersector level declines were observed in the Mining, Logging, and Construction supersector, which lost 2,700 jobs, and the Education and Health Services supersector, which lost 2,300 jobs.

Maryland’s economy did have some growth sectors last month in addition to Government. Trade, Transportation, and Utilities increased the most with 2,200 jobs, led by an increase of 1,300 jobs in the Wholesale Trade subsector and a 1,000 job increase in the Transportation and Utilities subsector. The Information supersector exhibited the largest percentage increase, growing by 900 jobs for a growth rate of 2.3%.

For a closer look at the job numbers released this week, please take a look at the table below, reported at the supersector level.

RESI on the Economy