Maryland Job Report 3rd Quarter 2021
In September, Maryland gained 1,200 jobs and the unemployment rate has started to die down. The main concern right now is the national hiring shortage due to potential candidates staying unemployed and causing a disruption in the economy.
Maryland Unemployment Report
September gave Maryland the third consecutive month of job growth for the state, according to the U.S. Department of Labor. Maryland’s unemployment rate decreased during September.
Maryland’s unemployment rate is still higher than the national unemployment rate (4.8%) as of September 1, 2021.
Maryland has seen a .04% decrease in unemployment since April 1, 2021.
Maryland’s Unemployment rate currently stands at 5.9%. A 1% decrease from August (6.0%)
Maryland Jobs Report
Since the beginning of the year Maryland has gained almost 66,000 jobs. Despite the increase in jobs during this year, Maryland still has 4.5% less jobs than it did during February of 2020 when COVID-19 and the pandemic were in full effect.
- September 2021 Jobs – 66,000
- February 2020 Jobs – 68,970
This also means the number of candidates in the labor force have decreased as well since February. As of September 1, Maryland’s labor force is down 4.7% since February of 2020. Industries that saw job increases include: Government Agencies, Hospitality and Manufacturing jobs. Industries that saw a decrease in jobs include: Education, Health Services, Construction, Trade, and Transportation Services.
National Report
The US gained 194,000 jobs in September, which was the second lowest monthly total since April 2020. The latest figures from The Department of Labor show 10.4 million open jobs in the US, which is down slightly from last month but still at an all time high. In 2021 there has already been approximately 5.1 million jobs added back to the economy, but there are still 3.1 million fewer people in the labor force compared to February of 2020. The addition of new jobs will likely be more difficult in the coming months compared to the vigorous spring and summer months due to vaccine mandates, WFH policies, and the current labor strikes with the holidays coming up. With the current smaller labor force and the amount of people quitting their jobs it is a good indication that recruiting talent will continue to be a struggle for some time.
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