Monday, March 9, 2009

Job Losses: January 2009

In January, New Mexico lost wage jobs at a 1% year over year rate. The state was down 8,600 jobs over January 2008. The seasonally adjusted unemployment rate was 5.1% in January, up from revised estimates of 3.7% a year ago. Ten of the 13 major job groups lost jobs for the year.
Construction led the way, dropping 5,500 jobs for the year, not quite 10% of the January 2008 employment of 57,000. Education and health services and government were the gainers for the year, up 6,700 jobs together. The Department of Workforce Services reminds us that employees of Indian casinos are in the local government sector.
The year over year job loss was 3,400 in metro Albuquerque, the fourth month of declining employment. Metro manufacturing was down 1,100 jobs, a 4.9% annual rate of loss. January was the 20th month consecutive month for job losses by Albuquerque manufacturers.
Las Cruces continued the effort to hold up its end of the economic performance bargain with a slight gain (but still a gain) of 400 jobs, or 0.6%, for the January to January year.
Santa Fe added 500 jobs over the year, a 0.8% gain. Santa Fe lost jobs for several consecutive months over the summer.
The state still has only one county—Luna— with unemployment over 10%. Luna County unemployment has gone from 12.9% in January 2008 to 15.9% in January 2009. Mora County is working on joining the 10% club with a January unemployment rate of 9.8%.

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