Following a downward revision to 7.1 percent in August, Maryland’s
seasonally adjusted unemployment rate inched up a notch to a
preliminary rate of 7.2 percent in September. Unemployment in
Maryland, which has remained relatively unchanged since May, remains
below that of the nation which was reported at 9.8 percent in September.
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During September, Maryland employers cut about 3,600 jobs from their
business payrolls – a decline which, when compared to the average
monthly loss of 4,700 jobs experienced through August 2009, can be viewed as a sign that the job market is beginning to
stabilize. September’s downsizing was concentrated primarily in
accommodations, professional/business/scientific services, retail trade and state government.
The most significant movement in industrial activity during September was the addition of 1,400 jobs
reported in the construction sector – a gain which follows
eighteen months of consecutive declines.
Despite an uptick in unemployment and an overall decline on statewide business payrolls, the recessionary pressures
in the job market have begun to show signs of abating. While the
economy may be poised for a comeback, however, Maryland, as well as
the nation, faces an arduous task in repairing the damage from the
economic freefall and restoring the economy to its pre-recession
equilibrium. The recession has, thus far, added nearly 107,000
persons to the statewide unemployment rolls and diminished Maryland’s business payrolls by close to 80,000 jobs.
Locally, August – September is a transition period in the labor market. The exodus of students and other summer
workers from the job market enters its final phase. Movements in
nonseasonally adjusted unemployment rates were mixed during
September. Thirteen of the local jurisdictions reported unemployment
rates at or below the state’s nonseasonally adjusted estimate,
with rates in Montgomery and Howard counties the lowest at 5.3 percent and 5.4 percent, respectively.
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