Employment Situation - January 2008


BALTIMORE, MD (March 7, 2008) Ė Marylandís seasonally adjusted unemployment rate was little changed over-the-month, falling by 0.1 of a percentage point, from 3.6 percent in December to 3.5 percent in January according to Marylandís Department of Labor, Licensing and Regulation. In a ranking of unemployment rates across the nation, Maryland reported the 11th lowest jobless rate during January. Nationally, unemployment, at 4.9 percent in January, remained more than a full percentage point above the statewide estimate although downsizing in the labor force caused unemployment to inch down slightly from Decemberís rate of 5.0 percent.

While national payrolls contracted during January, Marylandís economy, posting a gain of 900 jobs, managed to sidestep the ripple effects from the national movement. Increases in retail trade, educational and health services and leisure and hospitality industries contributed to Marylandís monthly upturn. Since last January, Maryland industry base has grown by 21,500 jobs. This increase, while modest by historical standards, is, nonetheless, a noteworthy advance considering the economic climate of 2007.