Area Economic Summary

[Pages:2]Baltimore area Economic Summary

Updated March 04, 2022

This summary presents a sampling of economic information for the area; supplemental data are provided for regions and the nation. Subjects include unemployment, employment, wages, prices, spending, and benefits. All data are not seasonally adjusted and some may be subject to revision. Area definitions may differ by subject. For more area summaries and geographic definitions, see regions/economic-summaries.htm.

Unemployment rates for the nation and selected areas

Unemployment rates

Average weekly wages for all industries by county

Baltimore area, second quarter 2021 (U.S. = $1,241; Area = $1,291)

United States

Baltimore area

Anne Arundel Co., MD

Baltimore Co., MD

Baltimore city, MD

Harford Co., MD

6.5 3.7

6.3 3.8

5.4 3.3

6.5 3.9

8.9 5.4

5.2 3.4

0.0

5.0

10.0

Dec-20 Dec-21 Source: U.S. BLS, Local Area Unemployment Statistics.

Source: U.S. BLS, Quarterly Census of Employment and Wages.

Over-the-year changes in employment on nonfarm payrolls and employment by major industry sector

12-month percent changes in employment 15.0

10.0

5.0

0.0

-5.0

-10.0

-15.0 Dec-18

Dec-19

Dec-20

Dec-21

Baltimore area

United States

Source: U.S. BLS, Current Employment Statistics.

Baltimore area employment (number in thousands)

Change from Dec. Dec. 2021 2020 to Dec. 2021

Number Percent

Total nonfarm

1,394.4

35.5

2.6

Mining, logging, and construction

77.3

-3.8

-4.7

Manufacturing

59.3

-0.4

-0.7

Trade, transportation, and utilities 257.7

3.9

1.5

Information

16.5

0.5

3.1

Financial activities

74.8

-1.3

-1.7

Professional and business services 253.0

18.0

7.7

Education and health services

272.8

2.6

1.0

Leisure and hospitality

110.1

9.2

9.1

Other services

47.5

2.5

5.6

Government

225.4

4.3

1.9

Source: U.S. BLS, Current Employment Statistics.

Over-the-year change in the prices paid by urban consumers for selected categories

12-month percent change in CPI-U, December

35.0

2021

29.3

30.0

26.1

25.0

20.0

15.0

10.0

8.0 7.0

5.0

9.1 6.3

0.0

All items

Food

Energy

Baltimore area

U.S. city average

Source: U.S. BLS, Consumer Price Index.

Over-the-year changes in the selling prices received by producers for selected industries nationwide

12-month percent changes in PPI

25.0

20.0

15.0

10.0

5.0

0.0

-5.0

-10.0 Jan-19

Jan-20

Jan-21

General freight trucking

Hospitals

Computer & electronic product mfg

Source: U.S. BLS, Producer Price Index.

Jan-22

Average annual spending and percent distribution for selected categories

Average annual expenditures, United States and

100% 80% 60%

Baltimore area, 2019-20

$11,605 $5,610 $11,626

$7,772

$10,754 $5,185 $7,205 $7,744

40%

$11,946

$10,257

20%

$24,972

$21,043

0% Baltimore area

United States

All other items

Healthcare

Personal insurance & pensions

Food

Transportation

Housing Source: U.S. BLS, Consumer Expenditure Survey.

Average hourly wages for selected occupations

Occupation

All occupations

Baltimore United

area

States

$30.05 $27.07

Lawyers

67.37 71.59

Management analysts

48.04 46.91

Accountants and auditors

40.08 39.26

El ec tri c i a ns

27.22 29.59

Billing and posting clerks

20.87 20.01

Retail salespersons

14.41 14.87

Source: U.S. BLS, Occupational Employment and Wage Statistics, May 2020.

Employer costs per hour worked for wages and selected employee benefits by geographic division

Private industry, September 2021

South Atlantic

United States

Total compensation

$34.59 $37.24

Wages and salaries

25.12

26.36

Total benefits

9.47

10.88

Paid leave

2.54

2.74

Va ca ti on

1.30

1.40

Supplemental pay

1.05

1.26

Insurance

2.25

2.80

Retirement and savings

1.07

1.28

Legally required benefits

2.56

2.80

(1) The states that compose the South Atlantic census division are:

DE, DC, FL, GA, MD, NC, SC, VA, and WV.

Source: U.S. BLS, Employer Costs for Employee Compensation.

Over-the-year changes in wages and salaries

12-month percent changes in ECI

6.0

5.0

4.0

3.0

2.0

1.0

0.0

Dec-18

Dec-19 South Atlantic

Source: U.S. BLS, Employment Cost Index.

Dec-20

Dec-21

United States

Mid-Atlantic Information Office ? BLSinfoPhiladelphia@ ? ? 215-597-3282

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