Over the past few years, the government has made a concerted effort to reassure tax payers that the recession is indeed over and things are getting back to status quo. In some areas of the country this is a fact while in other areas the news isn’t quite so positive. Maryland, on the other hand is seeing unemployment rates almost as low as the year leading up to the recession which was, by all accounts, a very good year.
Then and Now
According to the Local Area Unemployment Statistics page on the Maryland.gov website, the rate of unemployment in 2007, just before the market began to tumble in 2008, stood at 3.4 percent in December of that year. As of July of 2016 the unemployment rate has now dropped to 4.3 percent and although that doesn’t seem like a very good figure, in comparison to the unemployment rate in 2010, it is a marked improvement by anyone’s standards. In February of 2010, unemployment peaked in Maryland, coming in at 7.8 percent. So all in all, the current rate of unemployment indicates that the recession truly is over and most of those who had become unemployed because of the Great Recession are now back to work. There is still a bit to go but the figures are very promising.
Maryland faring better than other states
According to Neela Seenandan HR executive working in Chicago and the surrounding area, Maryland is doing quite well compared to other areas of the country. In Illinois, which had a 4.7 percent rate of unemployment in 2007 and a rate that today stands at 6.2 percent, the rate of recovery has been and is expected to be a bit less optimistic. However, Ms. Seenandan added, “Coming from an 11.2% rate of unemployment in Illinois at the height of the recession in 2010, that 6.2% doesn’t really look so bad.” In fact, Maryland is among the states seeing the highest level of recovery and also has a rate lower than the national average which stands at 4.9% as of the current date.
Brexit and election year may impact further recovery
Recently the UK voted to exit the European Union, EU, which caused a bit of panic around the globe. Being one of our staunchest allies, panic in that market was reflected here but seems to have leveled out again. Also, this is one of the most unusual election years ever in the United States which may have an impact on the market and the availability of jobs as a result. Most election years see a fair amount of uncertainty when there is no way to know which political group will hold power in Congress and of course, which person will be at the reins come January. With a woman running against an extremely controversial opponent, it is expected that there will be market fallout come November but how and to what extent is anyone’s guess.
At the moment, Maryland can be proud of its post-recession recovery but, even so, most businesses are a bit hesitant hiring new workers. The government looks to hold the status quo until after the elections but just like the two candidates, the future is questionable.