Because of its diverse economy, Maryland fared better than other states during the recession and may lead the nation out of the doldrums, officials of the Maryland Department of Economic and Employment Development said today.
"The challenge for Maryland in the months ahead is to accelerate the creation of jobs through new business formation and at the same time do what we can to help existing businesses stay competitive," said Mark L. Wasserman, secretary of economic and employment development.
According to the department's annual economic report, Maryland's economy should slowly and gradually gain momentum in 1992.
State unemployment in October was 5.5 percent, compared with 5.1 percent in October 1990. However, the department said, the unemployment rate has dropped since January, when it was 6.1 percent.