Persons Unemployed 15 Weeks or Longer, as a Percent of the Civilian Labor Force for Maryland
U1UNEM1MD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.40
Year-over-Year Change
-57.58%
Date Range
10/1/2003 - 7/1/2024
Summary
This economic trend measures the percentage of Maryland's civilian labor force that has been unemployed for 15 weeks or longer. It provides insight into the long-term unemployment situation in the state.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The 'Persons Unemployed 15 Weeks or Longer, as a Percent of the Civilian Labor Force for Maryland' metric tracks the share of Maryland's labor force that has experienced extended periods of joblessness. This statistic is closely watched by economists and policymakers to gauge the health of the state's labor market.
Methodology
The data is collected through the U.S. Bureau of Labor Statistics' Current Population Survey.
Historical Context
This indicator helps inform economic and workforce development policies in Maryland.
Key Facts
- Maryland's long-term unemployment rate was 1.6% in January 2023.
- Long-term unemployment peaked at 4.4% in Maryland during the Great Recession.
- Tracking long-term joblessness is crucial for understanding the state's economic recovery.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the percentage of Maryland's civilian labor force that has been unemployed for 15 weeks or longer.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the labor market health and long-term unemployment situation in Maryland, which is crucial information for policymakers and economists.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Bureau of Labor Statistics' Current Population Survey.
Q: How is this trend used in economic policy?
A: This indicator helps inform workforce development and economic policies in Maryland, as it sheds light on the challenges faced by the long-term unemployed.
Q: Are there update delays or limitations?
A: The data is published monthly, with a typical lag of 2-3 weeks from the end of the reference period.
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Citation
U.S. Federal Reserve, Persons Unemployed 15 Weeks or Longer, as a Percent of the Civilian Labor Force for Maryland (U1UNEM1MD), retrieved from FRED.