Maryland's state unemployment rate has reached a near 17 year high, according to preliminary figures from the U.S. Labor Department. The seasonably adjusted report indicates an unemployment rate of 6.9% in the state for March 2009, the highest since April 1992.
While Maryland's proximity to the federal government has provided a partial insulation, job losses continue to mount in the financial, construction and manufacturing sectors as noted by the Baltimore Sun. Fortunately though, the state rate is still below the 8.5% level being experienced on a national basis.
Though economists remain hopeful for an eventual recovery, the short term prognosis for employment is a poor one. Consensus calls for a continued marginal rise in the unemployment rate through the spring season.
______________________Labels: economy, maryland, unemployment
