- The most recent jobs report showed that between the months of December 2020 and February 2021, Maryland gained a total of 9,200 Total Nonfarm jobs.
- The official unemployment rate for Maryland decreased to 6.2 percent.
According to the most recent report from the Bureau of Labor Statistics (BLS), Maryland gained a total of 9,200 Total Nonfarm jobs between the months of December 2020 and February 2021. This was a result of a gain of 6,000 Total Private jobs, along with a gain of 3,200 Total Government positions. Along with the increase in Total Nonfarm jobs, Maryland’s unemployment rate decreased to 6.2 percent in February. The total number of reported unemployed persons has also dropped significantly since the end of 2020, which suggests that the improvement in the unemployment rate accurately represents people returning to work.
In the first two months of 2021, the largest subsector job gains were seen in Administrative and Support and Waste Management and Remediation Services, with an increase of 4,700 jobs. This was followed by an increase of 3,400 jobs in Retail Trade and an additional 2,500 jobs in State Government.Job losses were highest in Transportation, Warehousing, and Utilities,which lost 3,900 positions. All other subsectors showed a total two-month gain or loss of less than 2,000 jobs, remaining relatively stable.
The stability (or slight increase) in Government jobs seen at the beginning of 2021 is a reversal of the steady decline seen throughout the second half of 2020. Many state and local governments have been forced to make difficult employment decisions as a result of the pandemic, due both to increased costs and anticipated drops in tax revenue. (Even though tax revenues did not drop as much as expected.) With more than $350 billion in aid for state and local governments in the most recent stimulus package, there is hope that this trend will continue to reverse throughout the first half of 2021. Various private sector industries also hope to see a boost in employment as COVID-19 vaccines reach more Americans and potentially allow them to return to normal activities.
With a new stimulus, widespread vaccinations, and the return of spring, there is hope that we may be hitting a turning point with both the pandemic and the economy. With the situation evolving quickly, stay tuned for more updates on how employment in Maryland, across the region, and the country are responding.