The unemployment rate is determined by comparing the total number of individuals in the work force to the amount of people who are unemployed but available for work. The jobless rate uses a mathematical equation to figure out a percentage on state and nation levels. The jobless rate does not necessarily capture all residents, as children, homemakers and retirees, for example, are not looking or able to work. Many different factors contribute to the unemployment rate in each state, including overall job growth, job loss or workers who have left the labor force. Authorities use these figures to determine budgets for programs such as unemployment insurance for those between jobs.
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What is the unemployment rate in Maryland?
For those asking, “What is the unemployment rate in Maryland?” the answer is a positive one. As of May 2017, the unemployment rate in Maryland fell to 4.2 percent from 4.3 percent in April. Comparatively, the unemployment rate in Maryland is around the national average of 4.3 percent. There has not been any major declines in the Maryland jobless rate over the last year, especially when you compare this rate to other states. Last May, the unemployment rate in Maryland was at 4.3 percent, too. While there is a slight decline of 0.1 percent, it directly reflects a positive trend of more workers joining the Maryland workforce. This can be attributed to reemployment programs like those associated with the unemployment insurance program in Maryland. Despite the fact that in the month of May, Maryland lost around 1,300 jobs from the private sector, such as manufacturing, education and leisure, there was still a decrease in the unemployment rate. However, within a more long-term scope, Maryland has added over 43,000 jobs within the past year alone.
Individuals in Maryland who still struggle with unemployment can seek financial assistance in the form of unemployment benefits. Each state offers unemployment benefits in the form of financial assistance for qualified applicants. Eligibility requirements vary on a state level, so make sure to understand the eligibility prior to applying for benefits.
