Friday, November 17, 2017

NM Adds 13,200 Jobs

Statistical significance appeared in the performance of the New Mexico economy during October, all of it in a good way.
Employment grew by 13,200 jobs on a seasonally adjusted basis between October 2016 and October 2017. That’s 1.6% growth, fairly amazing all in all. The Bureau of Labor Statistics and the state’s Department of Workforce Solutions released summary job statistics earlier this afternoon. The BLS makes the judgments about significance.
Also getting the significance blessing was the year-over-year unemployment rate drop from 6.8% to 6.1%. The unemployment rate remains two points above the national 4.1% unemployment, which also is a significant difference. Our unemployment rate remains third nationally behind Alaska (7.2%) and the District of Columbia (6.6%).
The gain was 13,100 wage jobs on a not seasonally adjusted basis. That split among 13,900 new private sector jobs and loss of 800 government jobs.
The federal government added 200 jobs over the year. The state netted a 200-job loss including 300 fewer in education. Local government dropped 800 jobs including 100 in education.
The sector gainers were led by leisure and hospitality (tourism), up 4,000 jobs, professional and business services, up 3,500 jobs, and construction, presumably aided by the Facebook project outside Los Lunas and up 2,100 jobs.
Education added 1,400 jobs. Retail trade, transportation and finance each gained 1,100 jobs over the year.
Mining continued the losses, down 800 jobs over the year.

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