- The most recent jobs report showed that in October 2023, Maryland lost a total of 11,100 Total Nonfarm jobs.
- The official unemployment rate for Maryland increased to 1.7 percent.
According to the most recent report from the Bureau of Labor Statistics (BLS), Maryland lost a total of 11,100 Total Nonfarm jobs in October 2023. This was the result of a loss of 8,300 Total Private jobs, combined with a loss of 2,800 Total Government jobs. In addition, the unemployment rate increased to 1.7 percent in October.
The largest gain in October 2023 was in the Transportation, Warehousing, and Utilities subsector, which added 1,900 jobs over the month. This was followed by Other Services, which increased by 800 total positions, and Administrative and Support and Waste Management and Remediation Services, which gained 700 jobs. Losses this month were higher, led by both the Professional, Scientific, and Technical Services and State Government subsectors, which each lost 3,600 jobs. These were followed by Construction with a decrease of 1,700 positions.
Regardless of the trend in October, Maryland continues to have the lowest unemployment rate among all states, with no other state having an unemployment rate below 1.9 percent. Across the country, no states had a decrease in the unemployment rate in October. Instead, there were 37 states with an increase in the unemployment rate and 13 states with no movement in either direction. Maryland continues to have a very strong labor market relative to the rest of the United States.
Between continued inflation and increasing interest rates, Maryland’s immediate economic future is still clouded with uncertainty. With the situation evolving quickly, stay tuned for more updates on how employment is changing across Maryland, the region, and the country.