Tuesday, January 24, 2012

Wage Jobs Show Two-Month Drop

Wage employment dropped a little in New Mexico between October and December 2011, according to new seasonally adjusted numbers released today by the Bureau of Labor Statistics. The two-month decline was1,700 jobs, or 0.2% (two-tenths of one percent), hardly significant.

This report uses only seasonally adjusted numbers. For the whole report see www.bls.gov/news.

With the recent decline, statewide wage employment was up 8,800 or 1.1% for the December 2010 to December 2011 year. That’s a small improvement, to be sure, but one can’t fuss after the past few years.

Other numbers aren’t so happy.

Year-over-year, the labor force, defined as people working or seeking work, has dropped 16,600, or 1.7%, to 939,900. In percentage terms, the number of unemployed has dropped much more—25.8%, or 21,300—to 61,300. But as one can easily see from the new job figure, most of these folks haven’t gotten jobs, they have just dropped out, creating a problem that will be with us a long time.

Year over year sector performance is summarized below:

Uppers: Trade, transportation and utilities; finance; education and health.
Samers: Manufacturing, professional and business services; leisure and hospitality, government.
Downers: Construction.

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