Eye on the Economy: A Look at Maryland and the Regional Economy in May 2024

• The most recent jobs report showed that in May 2024, Maryland gained a total of 6,400 Total Nonfarm jobs.
• The official unemployment rate for Maryland increased to 2.7 percent.

According to the most recent report from the Bureau of Labor Statistics (BLS), Maryland gained a total of 6,400 Total Nonfarm jobs in May 2024. This was a result of a gain of 5,200 Total Private jobs combined with a gain of 1,200 Total Government jobs. Despite this continued growth in new jobs, the unemployment rate increased to 2.7 percent in May.

Port of Baltimore businesses have fared better than expected, though economists still see uncertainty
The Daily Record, May 21, 2024

Data from the Bureau of Labor Statistics has revealed that in the two months since the collapse of the Francis Scott Key Bridge, job losses were lower than originally anticipated. Only 1,000 jobs were lost in April in Maryland’s transportation, warehousing, and utilities industries. RESI Chief Economist Daraius Irani agreed that the decline in employment was smaller than most analysts had predicted. Nonetheless, he pointed out that any number of job losses is still a significant loss. Port workers are currently retaining their jobs due to numerous assistance programs, which are also expected to help avoid layoffs once entire operations resume. Additionally, Daraius Irani noted that though businesses all over the world are anticipating the port’s reopening, it is possible that commercial and commuter traffic in the area may be diverted for years as companies may not immediately return to their previous routes.