Maryland Sheds Jobs, But Unemployment Rate Stable

The latest jobs report from the Bureau of Labor Statistics of the US Department of Labor shows Maryland with a month-over-month loss of 1,200 jobs. The state’s overall unemployment rate remained steady at 3.8%.

Maryland has gained some 15,000 jobs over one year ago – so the short term downturn may not reflect a larger overall trend. However, most government revenues are substantially economy-dependent. The state personal income tax and sales tax are by far the largest drivers of the state budget, and both fairly quickly feel the effects of economic slowdowns.

The report also revised Maryland’s April jobs totals, showing no growth in state jobs from March to April.

Read more coverage in the Baltimore Sun, and the Baltimore Business Journal.

During MACo’s August Summer Conference, one session will focus on the potential for a “perfect storm” with county budgets – with the potential for economic slowdown among the factors providing risk to budget forecasting.

See details about that session and the dozens of workshops and other offerings at the MACo Summer Conference web page.

The 2019 MACo Summer Conference is August 14-17 at the Ocean City Convention Center. This year’s theme is “Winds of Change.”

Learn more about MACo’s Summer Conference:

 

 

Michael Sanderson

Executive Director Maryland Association of Counties