New Mexico continues to add a few jobs. Not that 6,800 jobs, the number of new wage jobs appearing between September 2016 and September 2017, are “few.” But on the percentage scale of things, 0.8% growth isn’t much.
The Department of Workforce Solutions released the September job summary today.
The Bureau of Labor Statistics, which produces the job numbers, did consider our year-over-year unemployment rate change “statistically significant.” The rate dropped from 6.8% in September 2016 to 6.2% in September 2017. However, our job gain was not significant.
The unemployment rate dropped because employment went up a lot more than the labor force grew. The employment growth, however slight, is good. But the economy isn’t growing enough to draw many people back into the labor force.
The new job production started in construction which rocked with a 7% increase, or 3,000 jobs. Professional and business services added 1,900, followed by leisure and hospitality (tourism) with 1,700. Educational services added 1,500 jobs for the year. Retail contributed 1,400.
The only big loss for the month came from government. State government dropped 2,400 with 600 gone in education. Local government lost 1,100 including 600 in education.
Mining and manufacturing continued to lose, but the numbers were small, 400 in mining and 300 in manufacturing.
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