Eye on the Economy: An Interactive Look at Maryland and the Regional Economy in July 2020

• The most recent jobs report showed that between June and July, Maryland gained a total of 53,900 Total Nonfarm jobs.

• The official unemployment rate for Maryland dropped to 7.6 percent.

The coronavirus pandemic and streaming services: How the world of entertainment is changing

Average hours spent watching Connected TV in the U.S. peaked in the weeks from March 23 to April 12 at 3.9 hours per day, which aligns with the period when many states in the U.S. shut down their non-essential businesses. As the pandemic worsens, content consumption seems to increase. However, streaming services face a reckoning as consumers have more time than money to spend on streaming content. LEARN MORE

In case you missed it:

• Save the economy. Wear a mask.

• Impact of coronavirus and Trump administration immigration policy on the Maryland crabbing industry

Maryland Gov. Hogan seeks extra $300 a week for unemployment benefits, but is that enough?
The Baltimore Sun, 08/19/2020
Last month, Maryland’s additional $600 weekly unemployment benefits expired, prompting Governor Larry Hogan to apply for more federal funds to compensate. If the application is approved, unemployed Marylanders will receive an extra $300 per week, half of what the benefits were at the start of the coronavirus pandemic. RESI Chief Economist Daraius Irani responded, “Half a loaf is better than no loaf,” but that “people may find they’re not able to make ends meet and will have to make some hard choices.” The solution, he said, is for the Senate to agree to the House bill extending the original weekly benefits of $600. Irani questioned, “We can afford to give tax breaks to big corporations, but not $600 a week to an unemployed individual?”

Even before COVID-19, Towson University official predicted economic slowdown
WV News, 07/30/2020
RESI Chief Economist Daraius Irani was asked to give an economic forecast to the Garrett County Chamber of Commerce’s Business Before Hours Event in January. Even before coronavirus had caused the current economic downturn, Irani predicted, “Between the uncertainty around the federal government, ... a very tight labor market, a low [employment] participation rate, worsening worldwide economic conditions, slowing spending by millennials due to their debt burdens, we think there will be an economic slowdown.” He went on to conclude that the economic downturn to come would not reflect the recession in 2008, and that the impact on Maryland could result in a somewhat flat labor market.