Friday, August 23, 2019

Metro Job Growth Lags State

Arizona ties with New Mexico’s 4.9% unemployment rate the highest in the nine-state southwest quadrant of the country. New Mexico and Arizona place fourth among the states for unemployment rates, behind Alaska, Washington, D.C., and Mississippi. New Mexico’s 2.6% growth in jobs from July 208 to July 2019 (that’s 21,700 new jobs) lies in the middle of the nine-state pack. These numbers come from the July issue of the Labor Market Review newsletter that was released today by the Department of Workforce Solutions.
Metro area job growth continues behind the state’s rate. Albuquerque added 5,000 jobs (a nice number, for sure) over the year, but only a 1.3% gain. The growth was in leisure and hospitality (+2,900 jobs or 6.4%), education and health services (+3,200 jobs or 5%), and professional and business services (+2,800 jobs, or 4.6%). Except for other services (+100 jobs, big deal) every other sector lost jobs.
Las Cruces added 700 jobs, year-over-year, a one percent gain. The Santa Fe growth was 0.3% which meant 200 jobs. Leisure and hospital brought 600 jobs.
The newsletter offered a comprehensive at oil and gas in the state. The article is far too long to even summarize here, but it is worth a look. See The general topics are wages, employment, and production.

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