• The most recent jobs report showed that in May 2024, Maryland gained a total of 5,200 Total Nonfarm jobs.
  • The official unemployment rate for Maryland increased to 2.7 percent.

According to the most recent report from the Bureau of Labor Statistics (BLS), Maryland gained a total of 6,400 Total Nonfarm jobs in May 2024. This was a result of a gain of 5,200 Total Private jobs combined with a gain of 1,200 Total Government jobs. Despite this continued growth in new jobs, the unemployment rate increased to 2.7 percent in May.

With this increase in the unemployment rate, Maryland falls to a tie for 6th among all states with the lowest unemployment rates, tied with Virginia. Maryland also still outranks its other regional neighbors, with Pennsylvania at 3.4 percent, Delaware at 3.9 percent, and the District of Columbia at 5.3 percent, which is the highest unemployment rate in the country for May. Overall, Maryland has experienced one of the highest increases in the unemployment rate in the country over the past year, moving from 1.9 to 2.7 percent, even though the rate is still relatively low compared to the rest of the country.

On June 12, Governor Wes Moore announced the reopening of the Port of Baltimore, following two months of effort to clear the channel after the collapse of the Francis Scott Key Bridge. Overall, the jobs lost as result of the bridge collapse appear to be significantly lower than was initially predicted. Total jobs in the state have continued to increase over the past two months, while jobs specifically in the Transportation, Warehousing, and Utilities sector have only decreased by 2,100 positions between March and May 2024. Given that the Port of Baltimore directly supports more than 8,000 workers, and with early estimates suggesting that more than 100,000 workers could be impacted in total, this result is better than many had originally hoped for.

Nationally, the latest inflation data from BLS shows a 3.3% year-to-year inflation rate between May 2023 and May 2024. This is a slight improvement from the rate reported in April, but it has not resolved the uncertainty about whether the Federal Reserve will cut interest rates this year. Mortgage rates continue to hover around 7 percent, putting homes out of reach for first-time buyers who typically cannot pay in cash.

Between continued inflation and the approaching elections in November, 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.