NM's Economy Gets a Little Better, but Still No Full Recovery From Recession
There was some good news for New Mexico's economy for the year that ended July 31: the state added 17,900 jobs for a 2.1 growth rate. And the state's unemployment rate dropped to 4.7 percent, down from 6.1 percent a year ago.
But, as has been the case for the past 10 years, despite the addition of jobs, New Mexico still hasn't recovered all the jobs it lost during the recession. And for the past couple of months, the state's month-over-month job growth rate has been minimal.
Here's a look at New Mexico's jobs picture over the past 10 years. As hyou can see, the state still hasn't reached its pre-recession jobs level.
According to figures released Friday by the U.S. Bureau of Labor Statistics, New Mexico added 17,900 jobs over the year. Four industry sectors lost jobs, and seven gained jobs.
In terms of actual numbers, the Leisure and Hospitality sector added the most jobs – 6,500 – for a 5.8 percent growth rate. But that sector has the lowest paying jobs in the economy.
Percentage wise, Construction had the highest growth rate at 8.6 percent. The sector added 4,200 jobs over the year, according to the BLS's numbers, which were not seasonally adjusted.
The month-over-month figures don't look as good. From June to July of this year, New Mexico gained 100 jobs, according to the BLS. And since the beginning of the year, the state has added just 4,500 jobs for a 0.5 percent growth rate.
In terms of year-over-year job growth of states in the region, only Oklahoma had a lower growth rate at 1.8 percent.