Maryland’s seasonally adjusted unemployment rate inched up slightly, rising
from a revised rate of 7.3 percent in October to a preliminary rate
of 7.4 percent in November. The share of unemployed Marylanders
looking for work, however, remains considerably below that of the
nation which was reported in the double-digits at 10.0 percent in November.
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Expansion in the labor force was the primary
factor responsible for Maryland’s monthly unemployment upturn.
Close to 16,000 new and re-entrant jobseekers entered the labor
market in November. Employment, while advancing, lagged slightly
behind, causing the number of unemployed to rise by about 4,500.
Maryland’s business survey showed continued job losses in November, however,
the rate of decline has moderated, remaining at less than one tenth
of a percentage point over the past three months. Trade, leisure and
hospitality and government were among the industries most noticeably
affected by over-the-month reductions. Hiring, of import, did occur
in manufacturing, professional and business services and education
and health services, helping to mitigate the impact of these declines.
It is not uncommon for the labor market to move unevenly at this point
in the business cycle. Unemployment is, in fact, a lagging indicator
which may continue to move erratically as the economy strives to
recover. There are, however, encouraging signs beginning to emerge.
As previously noted, declines in business payrolls have been
incrementally smaller over the past few months. This moderating has
narrowed the gap in over-the-year comparisons. In August, there were
62,500 fewer jobs on business payrolls compared to the previous
year. November’s payroll figures show losses over the past year
have abated to a substantially lower level of 40,800.
At the local level, monthly unemployment rates ranged from a low of 5.3
percent shared by Howard and Montgomery counties to a high of 14.6
percent in Worcester County. Unemployment rates were higher in
November in twelve local jurisdictions. Counties on the Eastern
Shore were the most visibly impacted. Rising joblessness was the
norm in all Shore jurisdictions with the exception of Somerset County.
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