• The most recent jobs report showed that in July 2023, Maryland gained a total of 2,000 Total Nonfarm jobs.
  • The official unemployment rate for Maryland decreased to 1.8 percent.

According to the most recent report from the Bureau of Labor Statistics (BLS), Maryland gained a total of 2,000 Total Nonfarm jobs in July 2023. This was the result of a gain of 1,400 Total Private jobs, combined with a gain of 600 Total Government jobs. In addition, the unemployment rate decreased to 1.8 percent in July.

Many of the jobs gained in July 2023 were concentrated in the Other Services subsector, which added 2,500 jobs over the month. This was followed by Local Government, which added 1,000 jobs, and Accommodation and Food Service with 800 new positions. Job losses in July were more distributed, with State Government and Professional, Scientific, and Technical Services both declining by 1,000 jobs, followed closely by Transportation, Warehousing, and Utilities with a loss of 900 positions.

Following the release of the latest data, Maryland is reported to have the 2nd lowest unemployment rate among all states, tied with Vermont and higher than only New Hampshire. Between July 2022 and July 2023, Maryland has experienced the largest year-to-year decrease in the unemployment rate among all states, having dropped by 1.4 percentage points over the year. A closer look at the unemployment statistics released by BLS shows that actual employment increased while the labor force also grew slightly. This indicates that not only are persons still being hired for new jobs, but that pace of persons entering the labor force is currently faster than the pace of persons leaving the labor force for retirement or other reasons.

Between continued inflation and increasing interest rates, Maryland’s immediate economic future remains uncertain despite positive jobs data. With the situation evolving quickly, stay tuned for more updates on how employment is changing across Maryland, the region, and the country.