• The most recent jobs report showed that in August 2024, Maryland gained a total of 2,700 Total Nonfarm jobs.
  • The official unemployment rate for Maryland increased to 2.9 percent.

According to the most recent report from the Bureau of Labor Statistics (BLS), Maryland gained a total of 2,700 Total Nonfarm jobs in August 2024. This was a result of a gain of 1,900 Total Private jobs combined with a gain of 800 Total Government jobs. Despite this growth in new jobs, the unemployment rate increased to 2.9 percent in August.

With this increase in the unemployment rate, Maryland dropped to a tie for 10th place among all states with the lowest rate. Within the Mid-Atlantic region, Maryland remains behind Virginia despite an increase to 2.8 percent unemployment in August. Maryland continues to outrank Pennsylvania at 3.4 percent, Delaware at 4.2 percent, and the District of Columbia at 5.7 percent, which continues to be the highest unemployment rate in the country in August. Overall, Maryland still has experienced one of the most significant unemployment rate changes in the country over the past year, moving from 2.1 to 2.9 percent. Even with one of the largest rates increases, Maryland’s unemployment rate is still relatively low compared to much of the country.

On September 18, the Federal Reserve announced the first significant cut to interest rates since the fight against inflation began over two years ago, reducing rates by half a percentage point. This is larger than the standard move of a quarter-percentage point and reflects both an improvement in inflation and slowdowns in the job market. The most recent data from BLS shows that inflation for the 12 months ending in August 2024 was only 2.5 percent. A number of economists have also expressed concern that the Federal Reserve has waited too long to begin lowering interest rates, suggesting that perhaps the large cut made this week is intended make up for a missed opportunity at the previous meeting.

Between 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.