Saturday, November 29, 2008

Jobs: October, Approaching Zero

New Mexico's year over year growth keeps nudging toward zero. The growth for October was 0.1% with a 1,000 job increase from October 2007. The unemployment rate jumped to 4.4% after the drop in September to 4% which was considered a statistical blip. The unemployment rate of 4.6% in August.
Santa Fe is the weakest metro economy with the year over year job loss streak at five months. Santa Fe lost 200 jobs between October 2007 and October 2008, a 0.3% drop. Even local government lost jobs during the year.
Albuquerque scored its third month of year over year job losses, down 1,500 wage jobs for the year. Professional & business services, metro Albuquerque's second largest sector with 63,400 workers, declined by 1,000 jobs from its year-ago level, shrinking 1.6 percent. The industry has lost jobs for five consecutive months, says the Department of Workforce Services in its monthly news release. The professional & business services sector includes Sandia National Laboratories. In Albuquerque, construction has lost jobs for 22 months.
Albuquerque manufacturing lost 1,400 jobs during the past year, extending the year over year job-loss streak to 17.
In Farmington, the annual wage job increase was 0.6% or 300 jobs.
During the past year in Las Cruces, there were 1,400 wage jobs added for a 2% annual growth rate.Call centers in the professional and business services sector added 800 jobs.

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