|
The mounting economic pressures which have skewed national market
conditions over the past year have, in recent months, begun to
impact Maryland’s employment picture. Unemployment, which remained relatively
unchanged during the first quarter of the year, has begun to
consistently trend upward. Seasonally adjusted unemployment rose
from 4.9 percent in October to 5.3 percent in November, reaching its
highest level on record since the early months of 1994 according to
the Department of Labor, Licensing and Regulation. Last November,
Maryland’s unemployment rate stood at a modest 3.6 percent.
All told, close to 158,000 Marylanders were unemployed during November,
an increase of just over 9,450 persons over-the-month and nearly
50,450 above that of last November. The potential unemployment
impact was, in fact, minimized somewhat during November by the
exodus of about 5,300 jobseekers from the labor market.
Maryland’s business payrolls shed additional jobs in November, with a reduction
of 4,900 jobs spread across every private sector industry with the
exception of educational and health services. While expansion in
this business sector has slowed, job gains have continued almost
uninterrupted throughout the year. Education and health services,
along with professional and business services and leisure and
hospitality, are the only private sector industries which have
continued to report employment gains over the past year.
The slippage in Maryland’s job market during November followed on the
heels of national reports which showed the seasonally adjusted
unemployment rate inching up from 6.5 percent to 6.7 percent and
business payrolls falling by more than 530,000 jobs. While statewide
indicators are showing signs of stress, Maryland’s job market
remains in somewhat of a better place than that of the nation.
Nationally, eleven consecutive months of declining employment, have
caused significant erosion in the nation’s industrial job base. A
decline of 1.4% since last November has pared close to 2 million
jobs from national payrolls. In Maryland, while job loss has been
noted in select industries, the state’s total job base has
continued to expand over the past year, with employers adding nearly
13,000 jobs to industry payrolls.
Jobseekers across the state were impacted by faltering market conditions.
Locally, declining employment pushed unemployment rates higher in
each jurisdiction with the exception of Cecil County where
unemployment held steady over-the-month. Some of the most noteworthy
increases, of a full percentage point or higher, were reported in
Dorchester, Garrett and Worcester counties.
Return to the top of the page
|
