Maryland Unemployment Rate Drops to 5.7 Percent
Preliminary report shows 600 jobs lost; gains in Manufacturing, Hospitality and Professional Services
BALTIMORE, MD (March 28, 2014) – The U.S. Department of Labor's Bureau of Labor Statistics (BLS) released state jobs and unemployment data earlier today. According to the preliminary survey data, Maryland’s February 2014 unemployment dropped to 5.7 percent—the lowest since November 2008. Maryland’s unemployment rate for January was unchanged with revision, at 5.8 percent. “While this month’s report continues to reflect losses from recent seasonal factors, the Maryland Department of Labor remains focused on cultivating a thriving workforce that can meet the demands of Maryland’s dynamic economy,” said Maryland Labor Secretary Leonard Howie. “Every choice we make is about creating and filling good-paying, sustainable jobs, expanding opportunity, and strengthening Maryland’s middle class, now and for generations to come.”
For February, Maryland‘s preliminary job totals were estimated as a decrease of 600 jobs. Maryland’s preliminary January jobs estimate was revised upward by BLS, with the originally estimated loss of 9,800 jobs revised to a decline of 6,100 jobs. Maryland has made significant progress in the jobs recovery. Compared with February 2013, the State has added 7,600 jobs, including 6,400 in the private sector.
In the private sector, the Manufacturing Sector gained 300 jobs and the Nondurable Goods subsector gained 400 jobs. The Leisure and Hospitality Sector added 3,900 jobs. The Professional and Business Services Sector added 400 jobs and the Administrative and Support Services subsector added 2,100 jobs. The Financial Activities Sector gained 800 jobs.
Several factors indicate that Maryland’s economic strength is still growing. Median home sale prices rose by 2.6 percent in February to $241,097 and were up 7.7 percent above last year, recording the 25th consecutive month of year-over-year increases. Property foreclosures in Maryland continued to decline in February and posted the lowest year-over-year growth in 16 months. In 2013, Maryland moved more people from welfare to work than at any other point in the state’s history, and 27 percent of those were placed in jobs paying $10 per hour or higher. And in 2013, Maryland ranked 4th in the nation, and #1 in the region, for total green jobs, according to Environmental Entrepreneurs.
DLLR will brief the media on the February 2014 jobs report during a conference call at noon today. Call-in number: 1-877-274-9107.
The Maryland Department of Labor, Licensing and Regulation (DLLR) is committed to safeguarding and protecting Marylanders. We're proud to support the economic stability of the state by providing businesses, the workforce and the consuming public with high quality customer-focused regulatory, employment and training services. For updates and information, follow DLLR on Twitter (@MD_DLLR), Facebook and visit our website.
Note: Data is spidered in on the DLLR website directly from the Bureau of Labor Statistics (BLS) using Datazoa and a slight lag may exist as the database is refreshed.
For immediate access to this month's jobs data please go to the Bureau of Labor Statistics (BLS) website.