The most recent jobs report showed that in June 2024, Maryland gained a total of 5,600 Total Nonfarm jobs, while the unemployment rate across the state increased to 2.8 percent according to the most recent report from the Bureau of Labor Statistics.
Nationally, the latest inflation data from BLS shows a 3.0% year-to-year inflation rate between June 2023 and June 2024. This is a significant improvement from the rate reported in May, and is due in part to slight decrease in overall prices between May and June. Between this decreased inflation and a rising national unemployment rate, economists are predicting that the Federal Open Market Committee may finally make their first cut to interest rates in the near future. This could come as soon as the meeting scheduled at the end of July, although most forecasters assume that a cut may not happen until the following meeting in September.
Between continued inflation and the approaching elections in November, Maryland’s immediate economic future is still clouded with uncertainty. With the situation evolving quickly, stay tuned for more updates on how employment is changing across Maryland, the region, and the country.
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