DLLR News

 

Employment Situation - September 2008

 

BALTIMORE, MD (October 21, 2008) – Department of Labor, Licensing and Regulation Secretary Thomas E. Perez today announced that Maryland’s seasonally adjusted unemployment rate was little changed in September, climbing by 0.1 of a percentage point, from 4.5 percent in August to 4.6 percent. Maryland’s unemployment rate remained below that of the nation, which held steady at 6.1 percent.

“The growth in unemployment slowed in September despite continued turmoil in the national economic climate. Our situation remains better than that of the nation, as evidenced by our year over year job growth, but the crisis in housing and the financial markets has taken its toll,” Secretary Perez said.

The labor market continued to tighten in September, as evidenced by the number of jobseekers who opted to discontinue their search – a movement countering the trend of prior years. The number of jobs on Maryland’s business payrolls fell by an estimated 1,000 jobs, a decline prompted primarily by reductions in the public sector and by further cuts in the manufacturing and construction industries. The impact of these reductions was, however, minimized by hiring in professional and business services and education and health services, where a combined total of 2,600 jobs were added in September.

While the rate of job generation has slackened, nearly 29,000 jobs have been added to Maryland’s market since last September, countering national losses of nearly 520,000 jobs over the past year.