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During March, estimates based on Maryland’s survey of business
establishments showed a seasonally adjusted gain of nearly 36,000
jobs on industry payrolls. A portion of this increase may well be
attributable to work returns from weather-related slowdowns during
February, however, the increase is substantially above the average
monthly gain of about 2,000 jobs over the past ten years, suggesting
that a considerable amount of “real” growth did, in fact, occur.
The fact that gains were reported in every major job sector further
underscores the positive movement in the jobs report. Some of the
largest subsector gains were reported in administrative and support
services, construction and retail trade. Growth in these industries,
when combined, accounted for just over 42 percent of the monthly job generation.
While the favorable signs in Maryland’s job market during March are
encouraging, we must remain cautiously optimistic. Although the pace
of layoff activity has moderated, the planned shutdown of BP
Solar’s manufacturing operation in Frederick County illustrates
that sporadic economic fallout may continue to temper the job market.
Indicators need to be monitored closely in the months ahead to see if a
consistent pattern of improvement occurs in order to determine the
path and pace of recovery. Economic restoration will be arduous and,
in all likelihood, job generation during the recovery will remain
slow and unemployment, generally viewed as a lagging indicator, may
rise even higher until the current gap between supply and demand is more closely aligned.
At the local level, signs of improving economic conditions, coupled with the potential for
seasonal hiring, encouraged an influx of jobseekers into the labor
market during March. According to the monthly business survey,
non-seasonally adjusted job counts were higher in each of the state regions.
Residential employment advanced in every local jurisdiction, helping to ease
unadjusted unemployment rates down across the state. Declines of a
full percentage or more were reported in a number of jurisdictions,
including Allegany, Wicomico, Caroline, Cecil, Dorchester, Garrett, Kent and Worcester counties.
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