Friday, April 21, 2017

Unemployment Rate Leadership Continues

In March New Mexico kept its leadership among the states in unemployment (seasonally adjusted), according to today’s release of wage job figures from federal Bureau of Labor Statistics. The state’s Department of Workforce Solutions reported the 6.7% unemployment rate in its news release, as it had to, but somehow overlooked New Mexico’s leading position.
The unemployment rate was down an insignificant tenth of a point from February and up an equally insignificant tenth of a point from March 2016. We are hanging in at more than two points above the national unemployment rate of 4.9%. Mississippi’s one point unemployment year over year rate drop—from 6% to 5%—was significant.
Overall, the BS said, “Unemployment rates were lower in March in 17 states and stable in 33 states and the District of Columbia.”
The state added 7,100 wage jobs (seasonally adjusted jobs) in the year between March 2016 and March 2017, a performance the BLS did not consider statistically significant. This insignificance was too insignificant to make the DWS release. Seasonally unadjusted, the job gain was 6,800.
For mining and logging, the continuing drag on the state’s job picture, the year-over-year loss was down to 1,400.
Among the other losers, manufacturing continued down with a year-over-year drop of 1,100 in the durable goods sector. Retail trade dropped 800 seasonally adjusted jobs. Education lost 2,000 jobs with 1,700 (5.6%) from higher education (state government education) and 300 from local government education (public schools).
Leisure and hospitality was the bigger gainer for the month with 3,700 new jobs, seasonally unadjusted, and 2,900 with the adjustment. The combined education and health services sector added 3,200 jobs with 1,700 in health and 1,500 in education. Professional and business services added 800 jobs year-over-year.

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