Maryland Jobs Increase Despite Rising Unemployment
Posted on September 10, 2008
While the nation is facing an increase in unemployment, more Maryland jobs were created during July.
The state’s unemployment rate increased from 4 percent in June to 4.4 percent. According to the United States Department of Labor Bureau of Labor Statistics, Maryland’s non-farm employment came in at 2,637,600, an increase of 1 percent from last year.
Maryland’s industries that increased include:
The state’s industries that decreased include:
Meanwhile, the nation’s unemployment rate rose from 5.7 percent to 6.1 percent. According to an article by Reuters, the economy lost 84,000 payroll jobs in August, following a loss of 60,000 jobs in July. This can mostly be attributed to rising fuel prices and the banking crisis.
“Over the last eight months, the economy has lost 605,000 jobs,” the article notes. “The banking crisis, subsidized fuel prices in Asia and protectionist policies in China and elsewhere are causing employers to relocate to Asia rather than endure the eminent U.S. economic slowdown. These job losses, along with slowing activity in consumer spending and construction activity, indicate third quarter GDP growth will be significantly less than the 3.3 percent posted in the second quarter.
“The stimulus package tax rebates gave consumers a boost in May and June, but now consumers are trimming back,” the article adds. “Gasoline prices, though easing still strain consumer budgets, car sales remain poor and skewed toward imports, and heating oil will be expensive this fall and winter. Overall, GDP growth should be about 1.4 percent in third quarter and slow further in the fourth quarter and the first quarter of 2009.”