Eye on the Economy: An Interactive Look at Maryland and the Regional Economy in May 2023

The Bureau of Labor Statistics released their estimate for employment changes in Maryland for May, 2023.

• Maryland gained a total of 2,500 jobs.
• The state’s unemployment rate fell to 2.4 percent, the lowest in the Mid-Atlantic region.

Year-to-year inflation was measured at 4.0 percent between May 2022 and May 2023, bringing this economic indicator to the lowest level seen in two years. While this suggests that efforts to fight inflation have been successful, the Federal Reserve is not expected to lower interest rates until inflation has decreased closer to the target of a 2 percent annual rate. With unemployment remaining low and job creation generally high across the country, it is still not clear whether the high interest rates will lead to a recession, as many have predicted over the past year..