Nov 6, 2009 11:21 pm US/Eastern
Md. Has Good Outlook As Unemployment Numbers Rise
BALTIMORE (WJZ/AP) ―
Misery has plenty of company as new numbers place unemployment at it's highest rate in 26 years.
Alex DeMetrick reports the nation's unemployment rate rose above 10 percent last month.
For the unemployed, it may buy small comfort, but Maryland continues to fair better than much of the nation.
According to government records, seven million Americans are now out of work. In October, unemployment hit 10.2 percent nationally, the highest since 1983.
In Maryland, the jobless rate stood at 7.2 percent. Thanks to the military, more federal jobs are coming.
Indicators also imply jobs might free up faster here than elsewhere.
"Maryland is blessed in that its eds, meds and feds and now beds in terms of its employment base, so it's heavy in educational institutions, a large federal government presence," said Earius Arani, Towson University economist.
Four years ago, Maryland lobbied hard and won thousands of base realignment and closings or BRAC jobs.
Many of those BRAC jobs will come in medicine and high tech, two areas already hiring.
According to Careerbuilders.com, Maryland ranks third in the nation now for current job postings.
It may still be too early to sing about, but jobs beget jobs. In the Charles Street corridor, businesses are opening up as people move in.
"It's really the community that came together to make this business what it is," said a merchant.
The jobs report does bode poorly for consumer spending, a key driver of the economy.
"The consumer remains cautious and if they remain cautious they don't spend," said Michael Feser, president of Zecco Trading.
Some analysts saw reasons for optimism such as a rise in the number of temporary service jobs. Companies that are reluctant to commit to hiring will often first bring in temps to meet demand until they're more confident of a turnaround in the economy.
(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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