MD 3.0 Baltimore area Economic Summary
[Pages:2]Baltimore area Economic Summary
Updated February 01, 2023
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 2022 (U.S. = $1,294; Area = $1,334)
United States
3.7
3.3
Baltimore area
4.5 3.1
Anne Arundel Co., MD
3.8 2.6
Baltimore Co., MD
4.6 3.2
Baltimore city, MD
6.3 4.4
Harford Co., MD
3.9 2.8
0.0
5.0
10.0
Dec-21 Dec-22 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-19
Dec-20
Dec-21
Dec-22
Baltimore area
United States
Source: U.S. BLS, Current Employment Statistics.
Baltimore area employment (number in thousands)
Change from Dec. Dec. 2022 2021 to Dec. 2022
Number Percent
Total nonfarm
1,426.6
23.3
1.7
Mining, logging, and construction
86.7
7.1
8.9
Ma nufa cturi ng
63.1
3.3
5.5
Trade, transportation, and utilities
262.5
-1.5
-0.6
I nforma ti on
16.1
-0.9
-5.3
Financial activities
77.6
0.8
1.0
Professional and business services
248.3
0.0
0.0
Education and health services
266.4
2.4
0.9
Leisure and hospitality
126.8
9.3
7.9
Other services
50.3
2.2
4.6
Government
228.8
0.6
0.3
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 2022
12.0
10.4
10.1
10.0
8.9
8.0
6.3 6.5
7.3
6.0
4.0
2.0
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
35.0 30.0 25.0 20.0 15.0 10.0
5.0 0.0 -5.0 -10.0
Dec-19
Dec-20
Dec-21
General freight trucking
Hospitals
Computer & electronic product mfg
Source: U.S. BLS, Producer Price Index.
Dec-22
Average annual spending and percent distribution for selected categories
Average annual expenditures, United States and
Baltimore area, 2020-21
100% 80% 60%
$12,497 $10,600 $5,602 $8,606
$11,062 $7,562 $5,316 $7,803
40%
$13,637
$10,398
20%
$25,274
$22,046
0% Baltimore area All other items
United States
Personal insurance & pensions
Healthcare
Food
Transportation
Housing Source: U.S. BLS, Consumer Expenditure Survey.
Average hourly wages for selected occupations
Occupation All occupations
Baltimore area
United States
$31.01 $28.01
Lawyers
67.14 71.17
Management analysts
52.40 48.33
Accountants and auditors
39.78 40.37
Electricians
29.10 30.44
Billing and posting clerks
20.84 20.55
Retail salespersons
15.10 15.35
Source: U.S. BLS, Occupational Employment and Wage Statistics, May 2021.
Employer costs per hour worked for wages and selected employee benefits by geographic division
Private industry, September 2022
South Atlantic
United States
Total compensation
$36.83 $39.61
Wages and salaries
26.63
27.93
Total benefits
10.20
11.68
Paid leave
2.75
2.94
Vacation
1.40
1.51
Supplemental pay
1.11
1.41
Insurance
2.46
3.00
Retirement and savings
1.14
1.35
Legally required benefits
2.73
2.98
(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-19
Dec-20 South Atlantic
Source: U.S. BLS, Employment Cost Index.
Dec-21
Dec-22
United States
Mid-Atlantic Information Office ? BLSinfoPhiladelphia@ ? ? 215-597-3282
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