The Department of Labor reported a decline in Maryland's unemployment rates as of June. Maryland’s unemployment rate now is lower than the National Average.
In the past year, the state of Maryland has added 43,100 new jobs of which businesses in the state contributed 34,700 of those new jobs. The rise in the number of jobs has resulted in a lower unemployment rate. Maryland’s unemployment rate in May this year was down to 4.2 percent from the May 2016 rate of 4.3 percent, according to the Department of Labor's Bureau of Labor Statistics
The state’s job total also decreased in May, with a drop of 300 public sector jobs and 1,300 private sector jobs, while overall job numbers went up and indicated that the workforce is growing stronger. The data showed that non-farm jobs increased by 93,300 since January of 2015.
Last month’s press release
shows that mining, logging and construction jobs increased by 4,800, while in trade transportation and utilities had a gain of 1,600 jobs. Retail jobs increased by 1,900 and waste management remediation service jobs rose by 2,100.
Economists and financial experts have indicated that the latest job numbers and employment rates are reflective of an economy that is growing stronger as more people earn and spend money. Maryland Labor Secretary Kelly Schulz pointed out
that during this time of improving employment rates the state has doubled the amount invested in the Employment Advancement Right Now (EARN) grants program. Money awarded by The EARN grants program provides state funding used to train workers, employees and job seekers in new ways and helps to create jobs that strengthen the economy and workforce.
Maryland’s unemployment rate has steadily been declining since 2015, except for a minor tick upward in April of this year. Unemployment rates have also dropped in nine states, while in 38 states the numbers have remained the same and only three states have seen an increase in unemployment rates.
What are your thoughts on Maryland's unemployment rates? Let us know in the comments!