Job Growth: January

In its monthly news release, the latest released March 6, the Department of Workforce Solutions continues to brag about the state's continuing record low unemployment rate. It was 3.1%, seasonally adjusted, in January, down from a revised 3.2%. The bragging rights go to the rate for an obvious reason; job growth has pretty much disappeared across the state. The number of wage jobs increased 0.5% in the year from January 2007 to January 2008. While DWS does explain the job situation, explanation of the low unemployment rate continues to be studiously avoided. Maybe DWS figures no one will ask. 

The rural areas have grown  less than the state over the past year. That's because the four metro areas have have added jobs at or above the state's growth rate. Farmington is the January to January job growth champion with a 3.8% increase. Growth rates for the other metros are Las Cruces, 1.8%; Santa Fe, 1.7%; and Albuquerque, 0.5%.

Construction and manufacturing are the drags statewide, down a combined 3,500 jobs in the past year. A little hope exists for manufacturing in the form of today's Albuquerque Journal job from Eclipse Aviation seeking people for more than 14 types of position. Construction, at least residential construction, is going nowhere for a while. 

Every year DWS "benchmarks" previously released job reports with more complete data. The latest revisions reduced 2007 employment estimates by an average of 0.2%. That means the growth, such as it was to start, was reduced, too.