Monday, June 30, 2008

Job Growth: May

The Department of Workforce Solutions finally got their news release about May job performance posted. See: http://www.dws.state.nm.us/dws-Mnews.html) The released appeared June 30, only four days after the scheduled June 26 date. Not too bad, I suppose.
The good news is that the statewide job growth rate continues to improve, though only very slowly. From May 2007 through last month, the number of jobs (which is different from the number employed) grew 1.1%. This is more than half a point above the 0.5% growth from February 2007 through February 2008.
As has been noted before, the number of wage jobs and the number of employed come from different sources. The number "employed" plus the number "unemployed" equal the number of people in the labor force. The "employed" figure and the "wage jobs" figure are almost never the same and sometimes go in different directions. The DWS release starts with unemployment and, in the next paragraph, goes to "job growth," which I think means wage jobs. The unannounced switch of context is sloppy at best and, at worst, might reflect an effort to put a happy glow on the numbers. The DWS staffer listed at the top of the release, Carrie Moritomo, did not answer her phone.
The not so good but inevitable news is that the unemployment rate is growing. At 3.8% for May, seasonally adjusted statewide, the rate remains low, which the DWS release points out. However, the rate, in terms of percent unemployed, is up 23% from the 3.1% in January. DWS claims that May's 3.8% is "not much above" the January rate, which indeed was a record low.
May to May Metro Performance:
Albuquerque: 0.4%. (This was for "payroll employment.")
Farmington: 3.1%. (for "jobs")
Las Cruces: 1.5% (for "job growth")
Santa Fe: 0.5% (for "job growth")
The DWS publication, Labor Market Review, which has all the numbers and has them in proper context, was scheduled to be posted June 30. It wasn't.

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