Job Gains Continue; Government Employment Drops 3,000

The New Mexico economy keeps chugging along, producing jobs at a rate that’s more than decent for New Mexico. The Department of Workforce Solutions released summary numbers today.
The increase in wage jobs between November 2016 and November 2017 was 1.1%, not enough to be statistically significant for the federal Bureau of Labor Statistics but also not enough to complain about. The net increase of 9,600 jobs, not seasonally adjusted, was comprised of 12,600 new jobs in private sector and 3,000 fewer government jobs.
The state’s year-over-year unemployment rate change from 6.7% to 6.1% in November 2017 is statistically significant, the BLS says. Even so, it appears we still claim the nation’s second highest unemployment rate. The unemployment rate did not change between October and November.
Local government was the loss leader, down 1,500 jobs including 300 from education. The state dropped 1,400 jobs including 900 in education.
Construction produced 3,000 jobs over the year. Construction jobs reflect other things, so the increase is difficult to specify other than the Facebook job outside Los Lunas.
Leisure and hospitality, much of which is tourism, added 2,600 jobs, followed by 2,000 in professional and business services.
Financial activities produced 1,600 new jobs during the year. Educational services added 1,400. There are 1,400 new jobs in transportation, warehousing and utilities, many of which are in Santa Teresa around the port of entry.
Mining lost 600 jobs during the year. (The category is actually mining and logging, but there are few logging jobs.) The report seems curious because Eddy and Lea counties showed an employment gain of 3,245 year-over-year. (“Employment” and “wage jobs” come from different sources. The two counties host much of the state’s oil and gas production plus potash.
Employment in four-county metro Albuquerque grew by 5,330 during the year with 84% of the increase in Bernalillo County.