• The most recent jobs report showed that in July 2024, Maryland gained a total of 6,100 Total Nonfarm jobs.
  • The official unemployment rate for Maryland remained at 2.8 percent.

According to the most recent report from the Bureau of Labor Statistics (BLS), Maryland gained a total of 6,100 Total Nonfarm jobs in July 2024. This was a result of a gain of 5,300 Total Private jobs combined with a gain of 800 Total Government jobs. Despite this continued growth in new jobs, the unemployment rate remained at 2.8 percent in July.

With no change in the unemployment rate, Maryland remains in a tie for 8th place among all states with the lowest rate. Maryland also remains behind regional neighbor Virginia at an unchanged 2.7 percent, and continues to outrank Pennsylvania at 3.4 percent, Delaware at 4.1 percent, and the District of Columbia at 5.5 percent, which is the highest unemployment rate in the country for July. Overall, Maryland still has experienced one of the most significant unemployment rate changes in the country over the past year, moving from 1.9 to 2.8 percent. Even with one of the largest rates increases, Maryland’s unemployment rate is still relatively low compared to the rest of the country.

In July, sports betting in Maryland had its fourth best one-month transfer of just nearly $6.3 million since betting began in December of 2021. Maryland Lottery and Gaming Control Agency reported that the nearly $6.3 million funds will be directly dedicated to the states Blueprint for Maryland’s Future education program fund that benefits public school education. This is an 89 percent increase from July 2023, resulting from over $333 million of total bets that were mostly placed through online apps. The Blueprint for Maryland’s Future fund is expected to increase annual education funding to $3.8 billion over the next 10 years.

Nationally, the latest inflation data from BLS shows 2.9 percent year-to-year inflation rate between July 2023 and July 2024. This is a decrease from June and is the first time that the inflation rate fell below three percent in nearly three years. In addition, employers nationwide added 35 percent fewer jobs than predicted in July, while the national unemployment rate increased to 4.3 percent. As a result of these indicators, the Federal Reserve is widely expected make the first cut to interest rates in their upcoming September meeting. Mortgage rates have dropped to an average of 6.49 percent on these expectations, the lowest on 30-year fixed-rate mortgages in a little over a year.

Between inflation, rising unemployment rates, 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.