Monday, November 26, 2012

Manufacturing Hours, Wages Drop

Employees of manufacturing companies are working less and earning less,the Labor Market Review ( publication of the Department of Workforce Services reported today.

For October 2011, manufacturing workers earned an average of $16.14 per hour and worked 42.6 hours during the week. A year later in October 2012, it was earnings of $15.14 per hour and 40.6 hours of work.

That turned average October 2011 earnings of $687.56 in October 2012 earnings of $614.68.

An article on job supply and demand trends says, "In the last year, the number of unemployed has surpassed the number of job openings. The ratio of unemployed to job openings was 1.51 in September 2012, falling from 1.63 in September 2011.
In other words, in September 2012, for every one job opening, 1.51 persons were unemployed in New Mexico.

"The ratio of unemployed to openings peaked at 2.11 in February 2012, when over two people were unemployed for every one job opening that was posted. The counties with the highest ratios in September 2012 were Mora, Valencia and Hidalgo. The counties with the lowest ratios included Los Alamos, Eddy, and Lea."

So we have more interested workers than we have jobs. No wonder people drop from the labor force.

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