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

• The most recent jobs report showed that in June 2022, Maryland gained a total of 1,500 Total Nonfarm jobs.
• The official unemployment rate for Maryland remained at 4 percent.

Towson Apple Store votes to unionize. What exactly are unions?

In June, the Apple Store in Towson Town Center made national headlines when it became the first Apple Store in the nation to vote to unionize. The vote continues a recent trend of pro-labor activity. But what exactly are unions? And why are we seeing an increase in union activity now?

University System of Maryland schools adding new tech, health degree programs
Baltimore Sun, June 24, 2022

On June 17, the University System of Maryland board of regents voted to allow five of its institutions to create new degree programs, mostly related to tech and health industries. Between Towson University, Coppin State University, Salisbury University, Frostburg University, and Bowie State University, 12 new programs have been introduced. In the third year of the COVID-19 pandemic, many institutions have placed an emphasis on expanding and supporting health-related studies. Notably, Towson University proposed a new health science bachelor’s degree within their kinesiology department, Bachelor of Science in Fitness and Wellness Leadership. RESI Chief Economist Daraius Irani noted that the demand for health professionals existed prior to the pandemic, but that it has been exacerbated since.

Inflation, gas prices on the minds of voters as governor candidates talk jobs, investments in workers
Baltimore Sun, June 25, 2022

While rising inflation is the main concern on many Maryland voters’ minds this primary, candidates for governor have largely focused their economic agendas elsewhere. Many candidates have instead emphasized their plans for combatting labor shortage in the state, proposing various measures including raising minimum wage and increasing employment opportunities. RESI Chief Economist Daraius Irani said that while it may “seem like a problem that can be solved very easily,” many companies “are struggling to get workers, from the entry level to the most advanced.” The gap between job openings and the number of people looking for work will be a significant challenge for the state’s future governor.

On the brink of a recession
Washington Wire, July 1, 2022

The U.S. is likely facing an economic recession as inflation soars and many households struggle to afford basic costs. Nationally, gas prices are at record highs and rents have increased around 16 percent. RESI Chief Economist Daraius Irani explained that combatting inflation centers on lowering the price of gas, rent, and groceries. Dr. Irani said, “Energy and housing and now food have been the real drivers of inflation.”