Jobless rate was at record low on Labor Day, 2023
A year ago, workers in Maryland enjoyed a record low unemployment rate, with opportunities for better pay and conditions more in abundance.
This Labor Day, more Maryland jobseekers are having trouble finding work, as the unemployment rate has almost doubled to 3.3 percent from 1.7 percent a year ago.
State officials blame the jobless rate jump primarily on more people entering Maryland’s job market in the past year, including some 6,400 residents in June alone. The labor force participation rate has grown to 65.4 percent, above the national average of 62.6 percent.
“The upward trend…. indicates more Maryland residents are eager to find jobs in the state’s economy,” Michael Siers, the state labor department’s chief economist, said in the latest economic report. “The growing number of Marylanders entering or reentering the job market impacted the state’s unemployment rate.”
Much of the tougher job climate can be attributed to the March 2024 collapse of the Francis Scott Key Bridge, officials said. The transportation, warehouse and utilities sector, which includes many jobs at the Port of Baltimore, lost 1,800 positions between March and July.