Sharp Downward Revision in October Jobs Numbers Stalls Private Sector Growth
Maryland saw a sharp downward revision in the number of jobs created as well as a decline in the most recent month compared to last month in the latest employment numbers released today by the U.S. Department of Labor.
The number of jobs created in October was revised downward by 9,300. From October to November, Maryland lost 3,100 more jobs while the unemployment rate dropped a tick from 6.7% to 6.6%.
"While recent months started to look more promising, these numbers tell a different a story," said Change Maryland Chairman Larry Hogan. "The private sector is shedding jobs and Maryland needs sustained growth in hiring levels to help us weather the fiscal cliff and impending federal government cuts."
Maryland lost 6500 small businesses between 2007 and 2010 according to the U.S. Census, and the state now has just three Fortune 500 companies - some of the worst declines in the region.
"I am concerned that we already lost too many companies to build lasting momentum in job growth," said Hogan.