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

Interactive Look at Maryland and the Regional Economy

• The most recent jobs report showed that in March 2022, Maryland gained a total of 3,900 Total Nonfarm jobs.

• The official unemployment rate for Maryland decreased to 4.6 percent.

RESI in the News

Possible recession as inflation continues to rise; how you can prepare
Fox 45 News, April 8, 2022

The Federal Reserve is predicting that the United States will experience a recession in the near future as inflation continues to rise and jobless claims are at an all-time low. RESI Chief Economist Dr. Daraius Irani points out that the unemployment rate does not provide the full story of the labor market. While the unemployment rate may be low (people actively looking for work have work), the labor force participation rate is also low (there are fewer people actively looking for work). Irani added that the increasing of interest rates is causing people to limit their expenditures. Irani also noted that this potential recession may not display typical indicators of an oncoming recession. Irani predicted that rising interest rates will be the key factor in this situation. In preparation, Irani advised that families begin to increase their savings rate, reduce debt, practice coupon shopping, and look for bargains.

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