Special Report

How Maryland's Job Market Has Fared Since Trump Was Elected

Sean Pavone / iStock via Getty Images
In an era of economic uncertainty, the U.S. job market remains resilient. After falling to 3.7% in November 2023, the national unemployment rate has been below 4% for 22 consecutive months, the longest streak in over 50 years.

Of course, if history is any guide, much of the economy is subject to boom and bust cycles — and the job market is no exception. In the last seven years — a period that spanned three presidential administrations and included a global pandemic — the average annual unemployment rate in the U.S. has fluctuated between 3.6% and 8.1%, according to the Bureau of Labor Statistics.

These same cyclical patterns are also evident in Maryland, where the job market is supported largely by the professional and scientific and public administration industries. The annual unemployment rate in the state was 3.2% in 2022, a multi-decade low. However, conditions for job seekers have not always been so favorable.

According to BLS data going back to 2016, the year Donald Trump was elected president, the annual jobless rate has been as high as 6.8% in Maryland.

This is how Maryland’s job market has changed since 2016.

2016: 4.5% unemployment

Source: Kruck20 / iStock via Getty Images

  • Avg. unemployment rate: 4.5% (4.9% nationwide)
  • Labor force participation rate: 66.9% (62.8% nationwide)
  • Unemployed population in Maryland: 135,091

2017: 4.2% unemployment

Source: WilliamSherman / iStock via Getty Images
  • Avg. unemployment rate: 4.2% (4.4% nationwide)
  • Labor force participation rate: 67.6% (62.9% nationwide)
  • Unemployed population in Maryland: 129,316

2018: 3.9% unemployment

Source: John M. Chase / iStock Unreleased via Getty Images
  • Avg. unemployment rate: 3.9% (3.9% nationwide)
  • Labor force participation rate: 67.8% (62.9% nationwide)
  • Unemployed population in Maryland: 124,150

2019: 3.6% unemployment

Source: aimintang / iStock Unreleased via Getty Images
  • Avg. unemployment rate: 3.6% (3.7% nationwide)
  • Labor force participation rate: 68.8% (63.1% nationwide)
  • Unemployed population in Maryland: 113,048

2020: 6.8% unemployment

Source: ferrantraite / E+ via Getty Images
  • Avg. unemployment rate: 6.8% (8.1% nationwide)
  • Labor force participation rate: 66.5% (61.7% nationwide)
  • Unemployed population in Maryland: 210,055

2021: 5.8% unemployment

Source: Amy Sparwasser / iStock via Getty Images
  • Avg. unemployment rate: 5.8% (5.3% nationwide)
  • Labor force participation rate: 65.0% (61.7% nationwide)
  • Unemployed population in Maryland: 168,222

2022: 3.2% unemployment

Source: Joesboy / iStock via Getty Images
  • Avg. unemployment rate: 3.2% (3.6% nationwide)
  • Labor force participation rate: 64.9% (62.2% nationwide)
  • Unemployed population in Maryland: 102,813

Source: 24/7 Wall St.

Year Maryland unemployment rate (%) U.S. unemployment rate (%) Unemployed population in Maryland
2016 4.5 4.9 135,091
2017 4.2 4.4 129,316
2018 3.9 3.9 124,150
2019 3.6 3.7 113,048
2020 6.8 8.1 210,055
2021 5.8 5.3 168,222
2022 3.2 3.6 102,813

Sponsored: Want to Retire Early? Here’s a Great First Step

Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?

Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.

Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.