- The most recent jobs report showed that in August 2022, Maryland gained a total of 5,500 Total Nonfarm jobs.
- The official unemployment rate for Maryland increased to 4.3 percent.
According to the most recent report from the Bureau of Labor Statistics (BLS), Maryland gained a total of 5,500 Total Nonfarm jobs in August 2022. This was the result of an increase of 8,000 Total Private jobs, offset by a loss of 2,500 Total Government positions. In addition, the unemployment rate jumped to 4.3 percent in August.
Between July and August, the largest subsector gain was seen in both Transportation, Warehousing, and Utilities and Administrative and Support and Waste Management and Remediation Services, with each subsector adding 1,900 jobs over the month. These were followed by Finance and Insurance and Educational Services, which each gained 1,100 positions. The most significant loss over the month was seen in Local Government, which decreased by 2,000 jobs. No other subsector lost more than 500 jobs during the same period.
Nationally, Maryland fell to 44th among all states in unemployment rate. However, Maryland’s unemployment rate is not out of step with the rest of the region. With the exception of Virginia, which fell to 2.6 percent unemployment, all of the state’s mid-Atlantic neighbors reported a similar or worse unemployment rate in August. Maryland is also not alone in seeing an increased unemployment rate for the month, as a total of 32 states reported a higher unemployment rate in August than in July. Maryland was stronger in terms of percentage job growth, experiencing a growth rate that ranked 21st among all states.
Between continued inflation, increasing interest rates, and the ongoing effects of both the COVID-19 pandemic and war in Ukraine, Maryland’s immediate economic future remains uncertain. With the situation evolving quickly, stay tuned for more updates on how employment is changing across Maryland, the region, and the country.