BALTIMORE, MD—Maryland’s economy grew by 0.1% in August 2024, adding 2,700 jobs total, with 1,900 coming from the private sector, according to data released by the U.S. Department of Labor’s Bureau of Labor Statistics (BLS) this week.
This is a faster pace than the national growth rate of 0.9%, indicating that Maryland is outperforming the rest of the country. The first eight months of 2024 have seen Maryland add 31,800 jobs, with a growth rate of 1.2%, which is also faster than the national rate of 0.9%.
The data from BLS also shows that Maryland’s labor force expanded by 5,233 new workers. The state’s unemployment rate increased from 2.8% to 2.9% in August, but remains well below the national unemployment rate of 4.1%.
The top five sectors that contributed to Maryland’s job growth in August were: Private Educational Services (5,000 jobs), Transportation, Warehousing, and Utilities (1,200 jobs), Arts, Entertainment, and Recreation (900 jobs), Government (800 jobs), and Real Estate, Rental, and Leasing (500 jobs). The sectors that lost the most jobs were: Accommodation and Food Services (-1,700 jobs), Construction (-800 jobs), Retail Trade (-600 jobs), Other Services (-600 jobs), and Professional, Scientific, and Technical Services (-600 jobs).
It is important to note that the data from BLS is subject to some seasonal adjustment, which may be impacting Maryland’s data in this month. However, the growth rate of Maryland’s economy in August 2024 is still higher than the national growth rate, which is a good indicator of the state’s overall economic situation.
This article was written with the assistance of AI and reviewed by a human editor.
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