• The most recent jobs report showed that in October 2024, Maryland lost a total of 9,000 Total Nonfarm jobs.
  • The official unemployment rate for Maryland increased to 3.0 percent.

According to the most recent report from the Bureau of Labor Statistics (BLS), Maryland lost a total of 9,000 Total Nonfarm jobs in October 2024. This was a result of a loss of 3,000 Total Private jobs, combined with an additional loss of 6,000 Total Government jobs. Maryland’s unemployment rate increased to 3.0 percent in October.

Following October’s data, Maryland dropped to a tie for 12th among all states for the lowest unemployment rate and slightly behind our immediate neighbors in Virginia with a 2.9 percent rate. Within the rest of the Mid-Atlantic region, Maryland remains ahead of Pennsylvania at 3.4 percent, Delaware at 4.0 percent, and the District of Columbia at 5.7 percent, which is tied for the highest unemployment rate in the country in October. Overall, Maryland still has experienced one of the most significant unemployment rate changes in the country over the past year, moving from 2.3 to 3.0 percent. Even with one of the largest rate increases, Maryland’s unemployment rate is still relatively low compared to much of the country.

As for the future, all eyes are on the incoming administration of Donald Trump and what his policies will mean for the economy of Maryland and the United States at large. Trump has stated repeatedly on the campaign trail that he intends to implement sweeping tariffs, which nearly all economists expect would result in reduced trade and increased prices for consumers. This would be particularly harmful to those industries that rely extensively on imports and/or exports, which in the current globalized economy is nearly all the industries in the United States. In addition, the large tax cuts pushed by Republicans are economically equivalent to an increase in spending and would result in the same inflationary pressures, as well as a significant increase in the federal deficit. Trump has also claimed that his administration will become far more aggressive on deportations, including pursuing the de-naturalization of American citizens, which has the potential to create significant labor shortages for the many industries that rely on immigrant workers.

RESI will continue to monitor the policies of the incoming administration and their potential impact on the economy of both Maryland and the United States. With the situation evolving quickly, stay tuned for more updates on how employment is changing across Maryland, the region, and the country.