- The most recent jobs report showed that in January and February 2024, Maryland gained a total of 7,800 Total Nonfarm jobs.
- The official unemployment rate for Maryland increased to 2.4 percent.
According to the most recent report from the Bureau of Labor Statistics (BLS), Maryland gained a total of 7,800 Total Nonfarm jobs across January and February 2024. This was the result of a gain of 5,900 Total Private jobs, along with a gain of 1,900 Total Government jobs. Despite these new jobs, the unemployment rate increased to 2.4 percent in February.
With the increase in the state’s unemployment rate, Maryland no longer boasts the lowest unemployment rate in the United States. However, Maryland still comes in 4th behind only North Dakota, South Dakota, and Vermont. This places Maryland’s unemployment rate well below that of its’ regional neighbors. Within the Mid-Atlantic region, Virginia reported a February unemployment rate of 3.0 percent, followed by Pennsylvania at 3.4 percent, Delaware at 4.0 percent, and the District of Columbia at 5.1 percent.
The most recent inflation data shows an 3.2% increase in prices between February 2023 and February 2024. This is consistent with the past several months, which have also reported a year-to-year inflation rate hovering slightly above 3 percent. The latest statement from the Federal Reserve suggests that they are still expecting to lower interest rates in 2024, although they are hoping to see signs that inflation is moving closer to the target rate of 2 percent. As a result, any cuts to the interest rate are more likely to happen in the second half of the year.
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.
