- The most recent jobs report showed that in April 2024, Maryland gained a total of 7,800 Total Nonfarm jobs.
- The official unemployment rate for Maryland increased to 2.6 percent.
According to the most recent report from the Bureau of Labor Statistics (BLS), Maryland gained a total of 7,800 Total Nonfarm jobs in April 2024. This was a result of a gain of 4,800 Total Private jobs added to a gain of 3,000 Total Government jobs. Despite this large spike in new jobs, the unemployment rate increased to 2.6 percent in April.
Despite the increase of the state’s unemployment rate, Maryland still ranks 5th among all states with the lowest unemployment rates, tied with New Hampshire. Maryland also still outranks its regional neighbors, with Virginia reporting the closest rate of 2.8 percent. In the rest of the region, the District of Columbia landed at an unemployment rate of 5.2 percent, Delaware at 3.9 percent, and Pennsylvania at 3.4 percent.
Over the past month, Maryland has continued to deal with the impact of the collapse of the Francis Scott Key Bridge. Economic relief has been made available by the state for both workers and businesses impacted by the disruption to port operations. For impacted workers, a temporary weekly payment of $430 is available to those who have lost income or work hours while the port experiences reduced operations. Businesses have also been able to apply for a grant through the Worker Retention Program, which will allow those businesses to continue to pay wages and provide support for housing and childcare costs. These programs are expected to wind down as business in the port resumes, with full operations expected to restart near the end of May.
Nationally, the latest inflation data from BLS shows a 3.4% year-to-year inflation rate between April 2023 and April 2024. Although this is an improvement from the rate reported in March, it is still higher than the Federal Reserve’s stated target of approximately 2 percent. This continued inflation has caused doubt as to whether the Federal Reserve will lower interest rates in 2024. However, if there are any negative economic signs, such as continued increases in the unemployment rate, the Federal Reserve may have to consider a cut to interest rates even if inflation has not completely dropped to the targeted range.
Between continued inflation and the fallout of the bridge collapse, 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.