Friday, July 19, 2013

Job Growth Continued in June!!

Job growth continued in New Mexico during June. The sentence has two startling concepts—job growth and that the job growth continued. The increase was 7,200 wage jobs from June 2012 to June 2013, or 0.9%.
New Mexico’s performance hasn’t yet reached statistical significance, according to the Bureau of Labor Statistics, which released numbers yesterday. So we’re still lumpfing along, but at least in the right direction.
Leisure and hospitality continued to lead the sector growth with 3,700 new jobs over the year on a not seasonally adjusted basis. The sector added 2,600 jobs between May and June as tourist firms increased staff for the summer.
Financial activities added 2,300 jobs as more homes sold and more mortgages were needed. There were 1,900 new wage job in construction during the year, a big switch and a 4.5% increase.
The information sector, which includes move and TV production, grew 10.1% during the June-to-June year. If indeed, the increase is due to film, the jobs will go away as projects end.
All in all, the private sector added 10,600 jobs during the year for a 1.7% increase. Government lost 3,400 jobs. Federal employment dropped 1,700. So much for that “over dependence” on the feds. Education, state and local, broke even for the year with no change after losing 8,300 jobs between May and June. Again, the figures are not seasonally adjusted. A good many of those jobs can be expected to return in August and September.
On the other hand, as economists like to say, the state now has three counties with more than 10% unemployment. Luna County (16.5% unemployed) and Mora (13.4%) continue to “lead.” McKinley County passed the mark to 10.1% unemployment during June.

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