• The most recent jobs report showed that in March 2024, Maryland lost a total of 100 Total Nonfarm jobs.
  • The official unemployment rate for Maryland increased to 2.5 percent.

According to the most recent report from the Bureau of Labor Statistics (BLS), Maryland lost a total of 100 Total Nonfarm jobs in March 2024. This was the result of a loss of 1,800 Total Private jobs, offset by a gain of 1,700 Total Government jobs. Along with this small loss in jobs, the unemployment rate increased to 2.5 percent in March.

Despite the increase in the state’s unemployment rate, Maryland remains tied for 4th place in unemployment rate across all the United States. This places Maryland’s unemployment rate well below that of its’ regional neighbors. Within the Mid-Atlantic region, Virginia reported a March unemployment rate of 2.9 percent, followed by Pennsylvania at 3.4 percent, Delaware at 3.9 percent, and the District of Columbia at 5.2 percent.

Although we have yet to see the full statistical impact to Maryland’s economy, the state has been reeling over the past month following the collapse of the Francis Scott Key Bridge in the early morning on March 26. The collapsed bridge has blocked entry into the Port of Baltimore, closing all cargo terminals – with the exception of Tradepoint Atlantic – until further notice. While officials hope to fully reopen the port by the end of May, each day of closure results in the loss of millions of dollars in economic activity, including thousands of jobs working directly in and around the port.

On a national level, the most recent inflation data released by BLS reveals an 3.5% increase in prices between March 2023 and March 2024. This is an increase when compared with the past several months, which have reported a year-to-year inflation rate hovering slightly above 3 percent.  Although the Federal Reserve has not stated any change in their expectations to reduce interest rates this year, higher-than-expected inflation could potentially push back any rate cuts to later in the year.

Between continued inflation and the closure of the Port of Baltimore, 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.