Sunday, April 19, 2009

Jobs: March Unemployment

New Mexico's unemployment jumped again in March and employment dropped. No surprise either place.
The unemployment increase was half a percentage point—to 5.9% from 5.4% in February, a change considered "statistically significant" by the federal Bureau of Labor Statistics, which compiles the numbers. New Mexico was one of 18 states with a statistically significant jump in unemployment rate.
On a seasonally adjusted basis, New Mexico's labor force dropped 400 between March 2008 (955,000) and March 2009 (954,600). The number of unemployed went from 36,800 to 51,600 during the period. That means the number employed, as statistically defined, dropped from 918,200 in March 2008 to 903,000 in March 2009. With the seasonal adjustment, New Mexico's labor force dropped 2,400 and unemployment increased 21,200.
The number of New Mexicans on non-farm payrolls went from a seasonally adjusted 848,200 to 838,700 during the March to March year. Construction employment in the state dropped by more than 7,000. Manufacturing lost 2,300 jobs.
Professional and business services lost "only" 900 jobs, from 107,800 in March 2008 to 106,900 in March 2009. This sector is especially important to New Mexico because of its size and because it contains many of the state's science and research organizations.

No comments: