United States Congress Joint Economic Committee

Maryland

June 2023

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May Employment Update
Labor Market (BLS/Haver)
Most Recent Prior Month 12 Mo. Prior
Maryland Unemployment (U-3) 2.9% 3.0% 3.4%
U.S. Official Rate (U-3) 3.7% 3.4% 3.6%
U.S. "Real" Rate (U-6) 6.8% 6.6% 7.2%
Maryland Labor Force Participation Rate 64.7% 64.7% 65.0%
U.S. Labor Force Participation Rate 62.1% 62.2% 61.9%
Prices (BLS/Haver, AAA)
Most Recent Prior Month 12 Mo. Prior
CPI-U Inflation 4.9% 5.0% 8.3%
"Core" CPI Inflation 5.5% 5.6% 6.2%
National Gas/gal. Updated 6/10/23 12:00 AM $3.59 $3.53 $4.99
Maryland Gas/gal. $3.43 $3.42 $4.99
South Region: Loaf of Bread $1.81 $1.77 $1.41
South Region: Milk/gal. $4.12 $4.19 $3.88
Economic Growth (BEA, WSJ/Haver)
U.S. Real GDP
Q4/2022 (2nd Estimate)
2.7%
MD Real GDP
Q4/2022
0.3%
S&P 500 (YTD)
11.96% Updated 6/10/23 5:00 AM
Minimum Wage (DOL/WHD)
National Hourly Rate
$7.25
MD Hourly Rate
$12.50
Last Generated: 6/10/23 5:15 AM