Wednesday, November 24, 2010

Abq Loses 6,100 jobs. Rest of NM Gains 10,700 jobs.

The Department of Workforce Services says New Mexico added 4,900 wage jobs (seasonally not-adjusted) during October and 4,600 jobs, or 0.57% (that’s just over one-half of one percent, in case the decimal makes your eyes blur), again not seasonally adjusted, from October 2009 to October 2010. Metro Albuquerque lost 6,100 wage jobs over the year. That means the rest of the state gained 10,700 jobs.
The Bureau of Labors Statistics numbers reported yesterday were seasonally adjusted. DWS released the figures this morning. This is the first year-over-year job growth in 23 months, DWS says. Happy Thanksgiving.
Statewide, the year-over-year losers were: Construction (-1,000); wholesale trade (-900); retail trade (-2,900); transportation (-600); information (-600); professional and business services (-2,000).
The retail job loss suggests consumers are still hiding their wallets, bad news for state gross receipts tax collections and for the deficit-ridden state budget.
The big gainer, as reported yesterday, is state government with 2,900 net new jobs over the year. That’s amazing. Note that not all “state government jobs” are with the state government of New Mexico. That these numbers are seasonally adjusted says that mostly likely real growth has occurred. The other explanation is statistical trouble. The growth is in rural New Mexico. Only 500 of those 2,900 state jobs are in the metro areas.
The Albuquerque job loss was 1.6%. Albuquerque lost 3,700 jobs, year over year, in professional and business services. This sector hosts all sorts of technology companies such as engineering services firms, computer systems design and environmental consultants. However, about 20% of the sector’s employment consists of accountants and lawyers. Construction lost 2,600 jobs, year-over-year, in Albuquerque, which means that the rest of the state gained 1,600 construction jobs. Construction has the fewest jobs in Albuquerque since February 2000.
The beginning of the state’s recovery, such as it is, is driven by Las Cruces (up 2,000 jobs, year-over-year, a very nice 2.9% increase) and the rural areas. Santa Fe lost 100 jobs over the year while Farmington lost 400. Professional and business services leads the Las Cruces recovery with a 1,200 job, one-year increase.

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