Monday, September 3, 2007

Job Situation

Job growth is the primary way to measure the performance of any economy smaller than the nation. Gross state product is emerging as a supplement, but small states such as New Mexico provide limited data, making the figure uncertain for the state.
The most recent numbers were released August 30 by the Department of Workforce Solutions, formerly known as the Department of Labor. New Mexico has settled comfortably back into the mediocre performance that characterized the state for many years. That means job growth under 2% and less than our neighboring states.
Wage jobs grew 1.8% between July 2006 and July 2007, the department reported August 30, half the annual growth rate of a year ago. That's a year over year increase of 14,900 jobs. The department says the current performance is "a level that is
closer to the state's long-term average." That means mediocre, the accepted description for job growth between 1% and 2%. The other descriptions are, roughly: Under 1%: Not much at all. Between 2% and 3%: Good. Between 3% and 4%: very good. Over 4%: Booming.
Here is the jog growth performance of the surrounding state:
Utah - 4.8% (Number one in the nation)
Arizona - 2.8%
Texas - 2.7%
Colorado - 2%.
Nevada - 1.7% (This is a big change. For a long time, Nevada led the nation in job growth.)
Oklahoma - 1.6%

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