- The most recent jobs report showed that in September 2024, Maryland gained a total of 2,700 Total Nonfarm jobs.
- The official unemployment rate for Maryland remained at 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 September 2024. This was a result of a gain of 2,700 Total Private jobs, with no net change in Total Government jobs. Maryland’s unemployment rate remained at 2.9 percent in September. Maryland was amongst 44 other states whose nonfarm payroll employment was relatively steady, and with this lack of major employment changes, Maryland was also among 32 states that reported no change in their unemployment rate between August and September.
Among those states that did report a change in the unemployment rate, only 3 reported a decrease, with the remainder reporting an increase in their unemployment rate. As a result, Maryland improved to a tie for 8th among all states in unemployment rate for September. Within the Mid-Atlantic region, Maryland tied with Virginia for the lowest rate, as Virginia increased to 2.9 percent unemployment in September. 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 September. Overall, Maryland still has experienced one of the most significant unemployment rate changes in the country over the past year, moving from 2.2 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.
Back 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. Following this decrease, the most recent data from BLS shows that inflation for the 12 months ending in September 2024 was only 2.4 percent. At a more granular level, the Consumer Price Index Summary from BLS shows that for inflation from August to September, over 75 percent of adjustments were contributions from a 0.2 percent raise in Shelter, and a 0.4 percent increase in food in the month of September.
Between shifting inflation, 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.