Unemployment falls, but still twice the rate in 2007

Maryland’s unemployment rate continued to fall in November, according to data released today by the Bureau of Labor Statistics.  After rising to 7.4 percent in September, the state unemployment rate fell to 7.2 percent in October and 6.9 percent in November.

While this is good news, the state’s jobs crisis is far from over.  There are still 134,000 fewer Marylanders working today than when employment peaked in February 2008.

As the governor prepares his budget and the legislature readies for the 2012 session, it is imperative that they craft a budget that focuses on creating jobs for Marylanders through increases in targeted spending funded by new revenue streams.  The Capital Debt Affordability Committee had the right idea yesterday, when they recommended issuing an additional $150 million in state bonds to fund needed infrastructure investments now rather than later, creating construction jobs and taking advantage of low borrowing rates.  Maryland can’t afford more job-killing budget cuts.