- The most recent jobs report showed that in October 2022, Maryland lost a total of 10,500 Total Nonfarm jobs.
- The official unemployment rate for Maryland increased to 4.5 percent.
According to the most recent report from the Bureau of Labor Statistics (BLS), Maryland lost a total of 10,500Total Nonfarm jobs in October 2022. This was the result of a decrease of 5,200 Total Private jobs, combined with a loss of 5,300 Total Government positions. In addition, the unemployment rate increased to 4.5 percent in October.
Between September and October, the largest subsector gain was seen in Finance and Insurance, with an increase of 1,300 jobs. This was followed by Health Care and Social Assistance, which added 1,100 positions. No other subsectors gained more than 400 jobs over the month. The most significant losses were seen in Local Government, which decreased by 4,500 jobs, and Transportation, Warehousing, and Utilities with a loss of 2,300 jobs. An additional five subsectors lost at least 1,000 jobs, greatly outnumbering those which gained a similar amount.
Following this month’s poor jobs report, Maryland fell to 47th among all states in unemployment rate. This is still a better performance than the District of Columbia, which ranked dead last, but lags behind all of Maryland’s other regional neighbors. Maryland’s job growth was worst among all states between September and October, both in terms of the number of jobs lost and the percentage of total jobs that the loss represented.
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.
