- The most recent jobs report showed that in June 2023, Maryland gained a total of 4,700 Total Nonfarm jobs.
- The official unemployment rate for Maryland decreased to 2.0 percent.
According to the most recent report from the Bureau of Labor Statistics (BLS), Maryland gained a total of 4,700 Total Nonfarm jobs in June 2023. This was the result of a gain of 4,000 Total Private jobs, combined with a gain of 700 Total Government jobs. In addition, the unemployment rate decreased to 2.0 percent in June.
The largest subsector gain for June 2023 occurred in Construction, which experienced an increase of 3,900 jobs. This was followed bythe Accommodation and Food Services subsector, which added 2,000 jobs, and Administrative and Support and Waste Management and Remediation Services with an increase of 1,900 positions. The largest losses were seen in Retail Trade, which dropped by 1,900 jobs. Smaller losses were seen in Non-Durable Goods, Information, Finance and Insurance, and Other Services, each of which lost between 700 and 900 jobs.
Following the release of the latest data, Maryland improved to a tie for 5th among all states in unemployment rate, with North Dakota. Maryland continues to have the lowest unemployment rate in the Mid-Atlantic region, with Virginia claiming the next-lowest rate of 2.7 percent. Between May and June, Maryland experienced the largest statewide month-to-month drop in unemployment of any state in the country. In addition, between June 2022 and June 2023, Maryland has experienced the largest year-to-year decrease in the unemployment rate among all states, having dropped by 1.2 percentage points over the year. A closer look at the underlying unemployment figures shows that June’s drop in the unemployment rate is due to unemployed persons becoming employed, and not any substantial change to the size of the labor force, suggesting continued economic growth.
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.