- The most recent jobs report showed that in December 2023, Maryland lost a total of 3,000 Total Nonfarm jobs.
- The official unemployment rate for Maryland increased to 1.9 percent.
According to the most recent report from the Bureau of Labor Statistics (BLS), Maryland lost a total of 3,000 Total Nonfarm jobs in December 2023. This was the result of a loss of 3,300 Total Private jobs, partially offset by a gain of 300 Total Government jobs. In addition, the unemployment rate increased to 1.9 percent in December.
Despite the increase in the unemployment rate, Maryland continues to have the lowest unemployment rate among all states, with only one other state (North Dakota) tying Maryland at 1.9 percent. Across the country, only five states experienced a decrease in their unemployment rate in December, all of which were outside of the Mid-Atlantic Region. Maryland continues to have a very strong labor market relative to the rest of the United States.
The most recent inflation data shows an 3.4% increase in prices between December 2022 and December 2023. Although this is higher than the year-over-year figures reported in October and November, it is still far below the average inflation rate reported across all of 2023. Recent updates from the Federal Reserve suggest that they are likely to lower interest rates in 2024, although this decrease is expected to be small when compared to the overall hike in interest rates over the past couple of years. Fortunately, these expectations have already started to affect the rates seen by consumers, with average 30-year fixed mortgage rates declining by more than a full percentage point between the beginning of November 2023 and today.
Between continued inflation and fluctuating 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.
