In November 2024, Maryland experienced a robust addition of 7,100 jobs, with 5,400 of those in the private sector. This brings the year-to-date job growth in the state to 40,900, representing a 1.5% increase, which outpaces the national average of 1.3% [d4361382]. Key sectors driving this growth include Health Care, which added 14,800 jobs, the Public Sector with 9,600 jobs, and Professional Services contributing 7,300 jobs [d4361382].
The gains in November were particularly notable in the Public Sector, which saw an increase of 1,700 jobs, followed by Professional Services with 1,400 jobs, and Health Care adding 1,300 jobs [d4361382]. Despite these positive trends, the labor force grew by 2,700 workers, leading to a slight rise in the unemployment rate from 3.0% to 3.1%. However, this rate remains significantly lower than the national average of 4.2% [d4361382].
In contrast, the national job market has shown signs of recovery, adding 227,000 jobs in November 2024, although the unemployment rate increased to 4.2% from 4.1% in October. The average hourly wage rose by 0.4% month-over-month, reflecting a year-over-year increase of 4% [757f9fe4]. While the U.S. labor market is rebounding, Maryland's performance highlights its unique economic strengths, particularly in high-impact sectors like Health Care and Professional Services [757f9fe4].
Earlier narratives regarding the national job market had expressed concerns about a potential recession, with job growth slowing significantly in previous months. However, Maryland's economy showcases robust growth, particularly in sectors that are crucial for the state's economic stability [4c47fb9e] [5a7cda57].
Overall, while the U.S. job market is recovering, Maryland's job growth statistics illustrate a more dynamic and resilient local economy, characterized by significant contributions from key sectors [4c47fb9e] [5a7cda57] [412b64a6].