Thursday, August 26, 2010

Job Situation: Still Going Down

Curious words continue to come from the Department of Workforce Services. In the new employment status report, released today, DWS says, “Overall, the job situation is starting to look better than it has in several months.” I think that means the job situation is a little less bad. But bad is still bad. Actually, a few areas are doing better. But overall, it’s still down.

From July 2009 to July 2010, New Mexico lost 6,600 wage jobs, or 0.8%, or the 802,700 wage jobs that existed in July 2009. A net of 4,500 jobs disappeared in July.

Government lost a net of 10,300 jobs in July, but that wasn’t the big federal job loss predicted last month from the anticipated elimination of census jobs. Instead, local government lost 11,200 jobs in July from June, including 8,600 in local government education. State government, land of the $150 million or so deficit saga ($150 million is the number I heard this morning), gained 1,300 jobs over the month. State government did lose all of 1,000 jobs year-over-year.

One indication of that better job situation came in the Leisure and Hospitality segment which added 700 jobs in July and 3,500 year-over-year. Some weeks back I commented that tourism businesses seemed to have had a good July 4th. I guess that was true.

Eight sectors added jobs during July, but the gains were wiped out by the government losses.

Metro Summary: Seasonally adjusted.

Albuquerque: year-over-year: 3,900 jobs lost. Unemployment rate: 8.7%.

Farmington: year-over-year: 1,500 jobs lost. Unemployment rate: 9.1%.

La Cruces: year-over-year: 1,900 jobs added. Unemployment rate: 2.9%.

Santa Fe: year-over-year: 900 jobs lost. Unemployment rate: 6.8%.

New Mexico is up to ten counties with a seasonally not adjusted unemployment rate greater than ten percent. Three of those counties are in the Albuquerque metro area. In July 2009, three counties broke the ten percent barrier for unemployment.

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