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BALTIMORE, MD (January 24, 2008) – Maryland’s seasonally adjusted unemployment rate
was little changed over-the-month, rising by just 0.1 of a percentage point, from 3.7
percent in November to 3.8 percent in December. In a ranking of unemployment rates across
the nation, Maryland, along with Delaware, reported the 12th lowest jobless rate during
December.
The upturn in Maryland’s unemployment rate, not an atypical occurrence during this
time of year, was much less pronounced than that of the nation where the rate rose by
0.3 percentage points to 5.0
percent.
Recent events in the financial and construction markets have continued to dampen
overall economic performance, however, Maryland seems to be weathering the market
churnings much more favorably than the nation. The number of jobs on Maryland’s business
payrolls increased by 4,600 during December, resulting in a gain of 1.4 percent since
December 2006 – an expansion rate more than three times that of 0.4 percent recorded
nationally.
During December, eight out of ten of Maryland’s major business sectors reported
higher job totals. The most noteworthy gains were in the education and heath services
and professional and business services sectors. These two industry groups -- leaders in
both monthly and annual expansion -- when combined, accounted for about 56% of the current monthly
upturn.
Locally, monthly movements in unadjusted unemployment rates were mixed. Downsizing
in weather-related industries, the wind down in retail trade and temporary holiday
furloughs contributed to employment declines and labor force reductions in a number
of jurisdictions. Unemployment rates in Worcester, Garrett and Allegany counties were
the most visibly affected by these seasonal economics. Worcester County’s rate of 8.7
percent represented a statewide high in December. Balancing out the unemployment scale
were rates as low as 2.4 percent in Howard County and 2.5 percent in Montgomery.
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