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BALTIMORE, MD (November 21, 2007) – Maryland’s seasonally adjusted unemployment
rate was essentially unchanged in October, inching up by one-tenth of a percentage
point to 4.0 percent according to the Maryland Department of Labor, Licensing and
Regulation.
Labor market conditions in Maryland have remained relatively stable this year
despite signs of softness in the economy. Unemployment has remained within a narrow
band throughout the year, ranging from 3.6 percent to 4.0 percent. Just over 4,100
new and re-entrant jobseekers entered the labor market in October, an indication
that Marylanders are continuing to remain somewhat optimistic about the statewide economy.
Nationally, a decline in the number of jobseekers over-the-month helped to keep
unemployment steady at 4.7 percent in October.
The overall movement on Maryland’s private sector business payrolls during October
reacted to a larger than normal downturn in the retail sector. Lagging home construction
and sales does appear to be tempering demand in the select retail industries, causing
employers to trim their payrolls. On the flip side, professional and business services
firms, construction, and finance/insurance payrolls reported higher job totals in
October.
Since last October, The numbers of jobs on Maryland business payrolls have risen by
just over 29,000, with growth being reported in all sectors with the exception of manufacturing.
Locally, unadjusted unemployment rates rose throughout the state as the summer
wind-down continued. The largest increases were reported in Shore Area counties
where seasonal economics are pivotal in market activity. As is the norm, Worcester
County’s rate was the most influenced, rising by more than a full percentage point over-the-month.
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