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.
A Lot to be Thankful For
This Thanksgiving, Marylanders have a lot to be thankful for. Unemployment in the state continues to be lower than the national average. According to jobs numbers released on Friday, Maryland’s unemployment rate was 4.2 percent, compared to the national rate of 4.9 percent. Both the state and national unemployment rates held steady over the past month. Maryland added 2,200 private nonfarm jobs in October, an increase of 0.1 percent. However, these gains were balanced out by a loss of 1,500 jobs in Government, a decrease of 0.29 percent. Total nonfarm employment is still higher than October 2015 levels. Over the past year, total nonfarm employment rose by 34,700 jobs, an increase of 1.3 percent.
The largest growing sector over the past month was Professional and Business Services, which added 2,600 jobs in October. Education and Health Services grew at a similar rate in October, adding 2,500 jobs for a growth rate of 0.56 percent. This continues the trend over the past year, as the two industries gained the most jobs since October 2015 (9,200 and 8,500 respectively). In fact, over the past year, no supersector has lost employment, and only one, Information, has neither added nor lost jobs.
Despite this excellent long-term growth, a few industries in Maryland did experience slight contractions. Government shrunk by 1,500 jobs, primarily due to a decrease of 1,300 State Government jobs. In fact, Federal Government jobs in Maryland rose by 900 jobs. Seasonally adjusted employment in Leisure and Hospitality also fell in October, falling by 1,400 jobs.
For a closer look at the job numbers released this week, please take a look at the table below, reported at the supersector level.
