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January 28, 2009

Maryland's recession is here

It was a long time coming, but the national recession has hit Maryland. Lorraine Mirabella writes:

The jobless rate jumped to 5.8 percent last month, according to preliminary statistics released today by the U.S. Labor Department . Maryland ended the year with 15,000 fewer jobs than in December 2007, the largest year-over-year loss since September 1992 and the first in five years, according to the Bureau of Labor Statistics.

Until December Maryland had been adding jobs from month to month or at least managing not to lose them in large amounts. As Lorraine notes, the state had 15,000 fewer jobs in December 2008 than in December 2007. But most of these were lost at the very end of the year. On a month-to-month, seasonally adjusted basis, Maryland lost about 11,000 jobs from November to December, as the national financial crisis took hold.

Most of the statewide job loss -- almost 13,000 jobs year over year, came in metro Baltimore. From December to December, Bethesda, Gaithersburg and the other DC suburbs managed to add 800 jobs, according to the government.

This will get worse. 2009 will almost certainly be a recession year for Maryland and metro Baltimore. But the region is still doing better than the nation as a whole. Exhibit A: Pennsylvania, which lost 76,000 jobs from December to December. Pennsylvania's unemployment rate is 6.4 percent. National unemployment is 7.2 percent.

Posted by Jay Hancock at 5:00 AM | | Comments (2)
        

Comments

Maryland has the incredible advantage of being tucked up against the federal money mulching machine, otherwise this would have happened long ago.

The recession is old news in the center of the country,

i think we is doing better we should keep going and dont stop because this will be over very soon

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About Jay Hancock
Jay Hancock has been a financial columnist for The Baltimore Sun since 2001. He has also been The Baltimore Sun's diplomatic correspondent in Washington and its chief economics writer. Before moving to Baltimore in 1994 he worked for The Virginian-Pilot of Norfolk and The Daily Press of Newport News.

His columns appear Tuesdays and Sundays.
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