Monday, October 24, 2011

Job Situation Still Bleah

New Mexico had the nation’s largest drop in unemployment rate from September 2010 to September 2011. The reality, though, is that the change comes from people dropping from the labor force instead of getting jobs. On a seasonally adjusted basis, New Mexico lost another 5,700 wage jobs from August to September. The state’s year-over-year job change is not significant, statistically, anyway, accord to the federal Bureau of Labor Statistics which release the numbers on Friday.

Sticking with the seasonally adjusted figures, New Mexico had 20,600 people drop from the labor force between September 2010 and September 2011, a 2.4% decline. The labor force was 930,700 in September. During the year, 20,000 dropped from the unemployed ranks, bringing the number of officially unemployed to 61,600.

Officially and still seasonally adjusted, New Mexico added 2,700 wage jobs, year-over-year, a definitely insignificant 0.3% (three tenths of one percent) change.

For the year, construction is down; manufacturing the same; trade and finance, both up slightly; professional and business services, down 6,700 (6.8%) and still the big drag; education health services up 5,500 (4.6%); leisure and hospitality up and bit; and government down a bit.

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