Eye on the Economy: An Interactive Look at Maryland and the Regional Economy in July 2022

• The most recent jobs report showed that in July 2022, Maryland gained a total of 12,000 Total Nonfarm jobs.
• The official unemployment rate for Maryland decreased to 3.9 percent.

Tuesday, November 15, 8:15-10:30 a.m.
StarTUp at the Armory

Join RESI and community and business leaders for the 2022 Economic Outlook Forum. Chief Economist Dr. Daraius Irani will provide the annual economic outlook forecast for our state with a focus on the various regional, national and international events and trends impacting Maryland’s economy.

Federal Reserve raising interest again
FOX 45 News, July 28, 2022

In an attempt to bring the annual inflation rate down to 2 percent, the Federal Reserve announced they are raising interest rates by .75 percent. RESI Chief Economist Daraius Irani explained that this movement will widely be felt in the form of higher interest rates on credit cards, auto loans, and mortgages. On the flip side, Irani noted that because of higher interest rates the housing market will likely cool down as fewer people look to buy homes. Looking to the future, Daraius Irani predicted that the economy will likely continue to slow but the decline won’t be nearly as severe as the 2008 market crash.