U.S. Chamber of Commerce names Maryland as #1 for Entrepreneurship and Innovation
Maryland's private-sector businesses create 34,900 jobs over the past year
BALTIMORE, MD (June 15, 2012) - The U.S. Department of Labor's Bureau of Labor Statistics
released state jobs and employment data earlier today. According to the preliminary data,
Maryland shed 7,500 jobs in May. After creating 35,600 net new jobs over the past 12 months,
today, 30,800 more Marylanders are working than were at this time last year. Despite
setbacks these last two months, for 24 straight months, monthly job growth has been
higher than the previous year's.
Last month, the preliminary jobs estimate for the March-April period showed
a drop of 6,000 jobs. The number has been revised to 5,400. Maryland's unemployment
rate rose modestly from 6.7 to 6.8 percent, but continues to be among the lowest in
the country and nearly 20 percent below the national rate.
"Though May was not the month we had hoped for, declines between these months
are not atypical. We saw it happen last year and in years before, and we've always
recovered over-the-year. So far this year, the number of jobs is higher than a year
ago, with private-sector employers adding 34,900 jobs to their payrolls," said
Interim Maryland Labor Secretary Scott R. Jensen. "Earlier this week, the U.S.
Chamber of Commerce issued their Enterprising States 2012 report, and Maryland
leads the nation in entrepreneurship and innovation - a positive sign that
Maryland will recover. We continue to remain focused on moving forward and
recovering the jobs lost during the national recession."
Maryland's economy has made strides over the past year with eight out of
10 major business sectors showing over-the-year gains in employment. May's
slight downward movement in Maryland job numbers has been relatively broad-based,
with most major business sectors posting declines. However, Trade/Transportation/Utilities,
Education/Health Services, and Professional and Business Services have posted
gains. An increase of 1,500 jobs was noted in Trade/Transportation/Utilities,
with strong advances among wholesalers. Education/Health Services also advanced
by 2,100 jobs over the month. Professional and Business Services, remains one
of the top growth industries over-the-year, adding 11,200 jobs.
Interim Secretary Jensen will brief the media on the May 2012 jobs report
during a conference call at noon today (Call-in: 800-619-4425; Passcode: 7016775).
The Department of Labor, Licensing and Regulation protects and
empowers Marylanders by safeguarding workers, protecting
consumers, providing a safety net and cultivating a thriving
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