- The most recent jobs report showed that in August 2023, Maryland gained a total of 12,400 Total Nonfarm jobs.
- The official unemployment rate for Maryland decreased to 1.7 percent.
According to the most recent report from the Bureau of Labor Statistics (BLS), Maryland gained a total of 12,400 Total Nonfarm jobs in August 2023. This was the result of a gain of 10,000 Total Private jobs, combined with a gain of 2,400 Total Government jobs. In addition, the unemployment rate decreased to 1.7 percent in August.
The largest gain in August 2023 was by far in the Administrative and Support and Waste Management and Remediation Services subsector, which added 5,000 jobs over the month. This was followed by the Health Care and Social Assistance subsector, which increased by 2,000 total positions. An additional four subsectors saw a gain of 1,000 jobs or more, leading to the large statewide gain for August. Job losses for the month were much smaller, with no subsector seeing more than 600 jobs lost.
Following the release of the latest data, Maryland is reported to have the lowest unemployment rate among all states, with no other state having an unemployment rate below 1.8 percent. Between August 2022 and August 2023, Maryland has experienced the largest year-to-year decrease in the unemployment rate among all states, having dropped by 1.7 percentage points over the year. A closer look at the unemployment statistics released by BLS shows that for the past eight months, actual employment has consistently increased while the labor force has continued to grow. This shows that not only are persons still being hired for new jobs, but that pace of persons entering the labor force has remained 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.