- The most recent jobs report showed that in March 2023, Maryland gained a total of 4,800 Total Nonfarm jobs.
- The official unemployment rate for Maryland decreased to 2.7 percent.
According to the most recent report from the Bureau of Labor Statistics (BLS), Maryland gained a total of 4,800 Total Nonfarm jobs in March 2023. This was the result of a gain of 4,300 Total Private jobs, combined with a gain of 500 Total Government jobs. In addition, the unemployment rate decreased to 2.7 percent in March.
The largest subsector gain for March 2023 occurred in Professional, Scientific, and Technical Services, with an increase of 2,500 jobs. This was followed by Accommodation and Food Services, which added 1,400 jobs, and Educational Services, with an increase of 1,100 positions. The most significant losses were seen in Administrative and Support and Waste Management and Remediation Services and in Non-Durable Goods, which lost 1,900 jobs and 1,100 jobs in March, respectively.
Following the release of March data, Maryland improved to a tie for 13th (with Vermont) among all states in unemployment rate. Maryland continues to have the lowest unemployment rate in the Mid-Atlantic region, with Virginia claiming the next-lowest rate of 3.2 percent. Notably, Maryland’s decline in the unemployment rate is a result of an actual decrease in unemployed persons and increase in employed persons, rather than being related to a change in labor force participation. In fact, the labor force participation rate for Maryland increased by 0.2 percentage points in March even as the unemployment rate dropped by the same amount, underlining the bullish tone of this month’s employment figures.
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.
