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

Interactive Look at Maryland and the Regional Economy
  • The most recent jobs report showed that in May 2022, Maryland gained a total of 10,500 Total Nonfarm jobs.
  • The official unemployment rate for Maryland decreased to 4 percent.

RESI in the News

Hogan, Franchot say drivers need relief at the pump, but disagree over who can take action
Fox 45 News, May 23, 2022

Gas prices are at record highs in Maryland, currently averaging at $4.61 per gallon. Despite the soaring prices, many Marylanders are still choosing to fill their tanks up. RESI Chief Economist Daraius Irani, commented, “In the short term, people are deciding, ‘You know what, it’s been two years, I’m gonna go on vacation. I'm gonna go summer driving. I’ve had it.’” To lessen the blow to their wallets, Irani predicted that consumers will show an increased interest in hybrid or electric vehicles.

‘This is unprecedented’: U.S. economy on brink of recession with inflation, aggressive interest rate hikes
FOX 28, June 14, 2022

The U.S. economy is most likely on the brink of a recession if it is not already in one, according to economists. After two straight quarters of negative growth, the economy seems to be barreling towards a hard crash. A key indicator of this economic downturn has been unprecedented inflation. RESI Chief Economist Daraius Irani noted that, “Energy and housing and now food have been the real drivers of inflation.” Dr. Irani elaborated that the fight against inflation centers around slowing the increase in gas prices, rent, and groceries.

Despite push for another gas-tax holiday, relief from state appears unlikely
FOX 45 News, June 14, 2022

Maryland Comptroller and candidate for Governor, Peter Franchot, renewed his call for a second 90-day gas-tax holiday, arguing that, “the price of gasoline has gone up 50%.” The inflation-bound tax is set to rise from 36 to 43 cents per gallon on July 1. One estimation suggested that a 90-day gas-tax holiday (July through September) could save the average two-driver household more than $150. RESI Chief Economist Daraius Irani commented that while individual consumer savings wouldn’t be massive, the psychological benefit would be significant. Irani elaborated, saying that the holiday would make, “people feel that actually the state government is gonna help them in this rough time,” and that, “if this is the one thing the state government can do, they should probably do it.”

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