Tuesday, November 23, 2010

NM Employment Grows! State Still in Trouble.

New Mexico added 6,300 wage jobs (seasonally adjusted) during October. With the 0.8% increase (to 810,800), New Mexico was second nationally in percentage job growth from September to October. The numbers were released by the Bureau of Labor Statistics today. The state also added jobs on a year-over-year basis, with a 4,600 job increase from October 2009.
The state’s labor force was 957,000 during October (seasonally adjusted), the same as during October 2009.
With 80,800 New Mexicans unemployed during October, the unemployment rate was 8.4%, up from 8.2% in September.
On a year-over-year basis, selected sector during October performance is below:
Construction: 44,400. -1,000.
Manufacturing: 30,400. +1,200. (A crucial, basic economy sector)
Trade, transportation and utilities: 129,000. -4,500.
Professional and business services: 98,500. -1,900.
Education and health services: 124,600. +5,300.
Leisure and hospitality: 86,300. +700. (The proxy for tourism)
Government: 203,100. +3,700. (Gasp! Incredible!)
Reality check: The overall job growth is great news. But, together, government and a semi-government sector, education and health services, added 9,000 jobs. That means the private sector, the real world wealth creating part of the economy, lost a net of another 2,700 jobs. And that means that while the New Mexico economy may be edging toward the door of the intensive care ward, we’re still in big trouble.

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