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

Interactive Look at Maryland and the Regional Economy

• The most recent jobs report showed that between February and March, Maryland lost a total of 20,900 Total Nonfarm jobs.

• The official unemployment rate for Maryland remained steady at 3.3 percent.

• Based on record unemployment claims over the past four weeks, the true unemployment rate is estimated to be closer to 12.4 percent.

From Our Blog

There's no place like home: COVID-19, social distancing, and economics

COVID-19 has infected every facet of our lives. Here's a look at the economic theory that explains some of the reactions we’ve seen to COVID-19 pandemic. MORE

Keeping up with the unemployment claims

Approximately 16.8 million Americans filed for unemployment since March 15. While the official unemployment rate lags behind these claims by several weeks, RESI has recalculated national and regional unemployment rates. MORE

Will the real unemployment rate please stand up?

There is widespread agreement that the unemployment situation is much worse than reported numbers. RESI has recalculated the unemployment rate for the United States, as well as the rate for Maryland and neighboring states. MORE

RESI in the News

Millions of Americans get stimulus checks today
Fox Baltimore, 04/15/2020
RESI Chief Economist Daraius Irani spoke with Fox 45 News to discuss the stimulus checks being received across the country, stating “This so unprecedented, a once in a century type of an event. This is an important role the government needs to play in the economy to help stimulate demand as we move forward." However, he does not expect the money to last more than a few weeks for most people.

SAVING LIVES: The plan that could bring jobs, ventilators to Baltimore County
Fox Baltimore, 04/12/2020
Now that General Motors is working to create ventilators on behest of the federal government, Baltimore County leaders are hoping to have the closed plant in White Marsh reopened as part of the effort. RESI Chief Economist Daraius Irani says that this could be a major boost to the state, even if only for a few hundred jobs, stating that “having a bit of a ray of hope might be worth more than the jobs created.” There is currently no indication that the plant will be reopened.

Maryland unemployment claims surge again, surpassing total for all of 2019
The Baltimore Sun, 04/09/2020
The release of new initial unemployment claims data on April 9 marked the third straight week of record-breaking claims numbers. Based on these claims, RESI Chief Economist Daraius Irani estimated the unemployment rate to be around 10 percent. However, he was hopeful that the economy could bounce back strongly after businesses reopened.

Layoffs in Maryland mount as businesses close during coronavirus crisis
The Baltimore Sun, 04/04/2020
Layoffs in Maryland continue to mount, weeks after the state ordered non-essential businesses to temporarily shut down in order to prevent the spread of the coronavirus. Early in the month, RESI Chief Economist Daraius Irani predicted that the pattern would continue, stating “I imagine the numbers will get worse before they get better.” He also provided some hope for the future recovery, noting that “this was not an asset bubble or people nervous about their wealth. Once we get past this, we should start to climb back to normal."

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