The state of Maryland has achieved record-setting low unemployment rates for the second consecutive month, according to data released by the U.S. Department of Labor's Bureau of Labor Statistics (BLS) on Friday. The preliminary survey data shows that Maryland gained 4,800 jobs in March, while the unemployment rate decreased to 2.7%.
This news comes as a positive sign for the state's economy, which the ongoing COVID-19 pandemic has heavily impacted. The BLS has been publishing unemployment estimates for Maryland since January 1976.
The Private Education and Health Services sector saw the most growth, adding 1,600 jobs. The Leisure and Hospitality sector added 1,500 jobs, while Professional and Business Services added 700 jobs. Financial Activities, Government, Trade, Transportation, and Utilities, Other Services, Mining and Logging, and Construction, and Information also saw job gains.
However, the Manufacturing sector decreased by 1,100 jobs during this period.
The Maryland Department of Labor's website provides more immediate access to this month's jobs data, although it may have a brief lag as the data is transferred from BLS servers.
Maryland's labor force has experienced a steady increase over the past few months, indicating a rise in consumer confidence and an increased demand for labor. The state's current unemployment rate of 2.7% is below the national average of 4.2%.
The state government has been taking various measures to support small businesses and create job opportunities for its residents. These efforts include providing tax credits and financial incentives to businesses that relocate to Maryland and establishing workforce development programs.
The state has also been actively working to address the skills gap in its labor force by investing in workforce training and education programs. These efforts are aimed at providing residents with the skills and training they need to fill the available job opportunities in the state's growing industries.
Maryland's low unemployment rate is a positive sign for the state's economy and its residents. The state government will continue to support businesses and create job opportunities, while also investing in workforce development programs to ensure that its residents have the skills and training they need to succeed in the state's growing industries.
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