• The most recent jobs report showed that in June 2024, Maryland gained a total of 5,600 Total Nonfarm jobs.
  • The official unemployment rate for Maryland increased to 2.8 percent.

According to the most recent report from the Bureau of Labor Statistics (BLS), Maryland gained a total of 5,600 Total Nonfarm jobs in June 2024. This was a combination of 3,900 new Total Private jobs and an increase of 1,700 Total Government jobs. Despite this continued growth in new jobs, the unemployment rate increased to 2.8 percent in June.

With this increase in the unemployment rate, Maryland falls to a tie for 7th among all states with the lowest unemployment rates, falling behind our neighbors in Virginia. Maryland still outranks its other regional neighbors, with Pennsylvania at 3.4 percent, Delaware at 4.0 percent, and the District of Columbia at 5.4 percent, which is the highest unemployment rate in the country for June. Overall, Maryland has experienced the 4th-largest increase in the unemployment rate in the country over the past year, moving from 1.9 to 2.8 percent, even though the current rate is still relatively low compared to the rest of the country.

Earlier this week, Governor Wes Moore and the Board of Public Works approved $150 million in budget cuts, reducing funding to a variety of programs and groups including the Maryland State Arts Council, the Office of the Public Defender, and the Rural Maryland Council. This money is intended to be redistributed to Maryland’s Child Care Scholarship Program and the state’s Medicaid program, both of which have seen higher-than-expected levels of enrollment. The cuts are expected to reduce both spending and hiring within those programs and agencies affected.

Nationally, the latest inflation data from BLS shows a 3.0% year-to-year inflation rate between June 2023 and June 2024. This is a significant improvement from the rate reported in May, and is due in part to slight decrease in overall prices between May and June.  Between this decreased inflation and a rising national unemployment rate, economists are predicting that the Federal Open Market Committee may finally make their first cut to interest rates in the near future. This could come as soon as the meeting scheduled at the end of July, although most forecasters assume that a cut may not happen until the following meeting in September.

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.