- The most recent jobs report showed that in May 2023, Maryland gained a total of 2,500 Total Nonfarm jobs.
- The official unemployment rate for Maryland decreased to 2.4 percent.
According to the most recent report from the Bureau of Labor Statistics (BLS), Maryland gained a total of 2,500 Total Nonfarm jobs in May 2023. This was the result of a gain of 1,000 Total Private jobs, combined with a gain of 1,500 Total Government jobs. In addition, the unemployment rate decreased to 2.4 percent in May.
The largest subsector gain for May 2023 occurred in Professional, Scientific, and Technical Services, which experienced an increase of 2,100 jobs. This was followed by the Construction subsector, which added 1,000 jobs, and Local Government with an increase of 800 positions. The largest losses were seen in Administrative and Support and Waste Management and Remediation Services and in Retail Trade, which dropped by 1,200 and 900 positions, respectively.
Following the release of the latest data, Maryland improved to a tie for 9th among all states in unemployment rate and was one of only 21 states that reported a decrease in the unemployment rate for May. Maryland continues to have the lowest unemployment rate in the Mid-Atlantic region, with Virginia claiming the next-lowest rate of 2.9 percent. Between May 2022 and May 2023, Maryland has experienced the 2nd largest decrease in the unemployment rate among all states, having dropped by 0.7 percentage points over the year. The state’s labor force participation rate also continued to increase in May, showing continued strength in Maryland’s labor market.
Between continued inflation and increasing interest rates, 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.
