Eye on the Economy: An Interactive Look at Maryland and the Regional Economy in October 2021

• The most recent jobs report showed that in October 2021, Maryland gained a total of 14,900 Total Nonfarm jobs.

• The official unemployment rate for Maryland decreased to 5.7 percent.

TU's Regional Economic Studies Institute forecasts uncertainty in local, national economies. Much of this uncertainty is tied to the ongoing COVID-19 pandemic, including labor, supply chain, political and climate change issues.

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Eyes on the Prize: The 2021 Nobel Prize in Economics

Last month, the Royal Swedish Academy of Sciences awarded the Nobel Prize in Economics to three economists for two distinct yet related areas of research: David Card for work on labor economics, and Joshua Angrist and Guido Imbens for work on interpreting the results of natural experiments.

Baltimoreans trying to make ends meet, amidst highest inflation rate in 30 years
FOX 45 News, November 10, 2021

Inflation rates are the highest they have been since 1990, at over 6 percent. With prices rising and wages remaining the same, Baltimore families are struggling to make ends meet. RESI Chief Economist Daraius Irani, says that the increase in demand for consumer goods and issues with the supply chain are causing inflation. “You almost have a perfect storm of the supply curve shifting and the demand curve increasing, which leads to higher prices,” explained Irani. Multiple experts, including Dr. Irani, predict that we may see those high prices for another year until they begin to drop.

Economist: Consumers should save, stay patient during inflated prices surge
WBAL TV 11, November 11, 2021

President Biden visited Baltimore earlier in the month to address concerns over rising inflation rates and the nation’s recovery from the Pandemic. During his address the President said that rising prices are partially caused by supply chain bottleneck and that his infrastructure bill will help resolve it. RESI Chief Economist Daraius Irani, explains, “If you think about a funnel and you pour too much water into it too quickly, it overflows. That's what's kind of happening. If you think about that spout at the bottom of the funnel, what President Biden's doing is trying to increase the diameter of that spout.” Although prices are likely to remain high into mid-2022, Irani sees the healthy consumer demand and rising wages as positive signs for the economic recovery.