Friday, May 20, 2011

April Jobs Show No Real Change

New Mexico’s seasonally adjusted unemployment rate dropped half a point between March and April, according to figures released today by the Bureau of Labor Statistics. The April rate was 7.6%. In March it was 8.1%.
The seasonally adjusted numbers show New Mexico with an April 2010 to April 2011 drop of 4,700 (or 0.5 percent) in the labor force, and a 2,500 increase (0.3 percent) in employment.
Both the employment and labor force changes are trivial. The unemployment rate change looks nice and will get headlines.
I wonder if the locals, in the face of kinda-sorta positive news will invoke their usual mystical claims about survey problems to say things aren’t as good as they look.
“Non-farm payrolls,” seasonally adjusted, were 805,400 in April 2011, down 400 from April 2010. That “change,” 0.05% or five hundredths of one percent, is no change at all.
These sectors were up from April to April: Trade, transportation and utilities; finance; education and health services; and leisure and hospitality.
These were down: professional and business services (down an ugly eight percent); government (minus one percent); construction and manufacturing.

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