Sep 8, 2008 12:32 am US/Eastern
Jobless Rate Jumps To 5-Year High
BALTIMORE (WJZ) ―
The jobless rate jumped to a five-year high.
As
Jessica Kartalija reports, amid the economic troubles, there's actually good news for Marylanders.
Employers slashing jobs is more proof of a troubled economy. The jobless rate is now at a five-year high of 6.1%.
"The economy certainly is weak and my expectation would be that the last six months of 2008 and the first three months of 2009 will be particularly weak for the economy with respect to state of job loss, unemployment and weak retail sales," said economist Anirban Basu.
A report by the U.S. Labor Department shows a housing crisis plus credit and financial problems are taking a toll.
But the national trend doesn't hold true for Maryland.
"The unemployment rate is an economy indicator and for the state of Maryland. It is 4.4 percent, which is well below the national average of 6.1 percent," said Andy Moser.
Moser says an unemployment rate around five percent is considered a healthy economic situation.
"You've got a large government sector that's growing. You have a large security sector that's growing. I mean, with BRAC and the rest of those types of jobs moving here, so Maryland's in great shape," Moser said.
Economists say Maryland's proximity to the capital combined with growing technological and security sectors certainly helps.
"It's quite unusual that Maryland's unemployment rate to be so much lower than the nation's. It's actually a testament to the fact that the economy is really falling apart," Basu said.
U.S. employers have cut more than 450,000 jobs already this year.
(© MMVIII, CBS Broadcasting Inc. All Rights Reserved.)
WJZ.COM's Most Popular Slideshows
