Employment News Release September 21, 2012
New Mexico’s seasonally adjusted unemployment rate was 6.5 percent in August 2012, down from 6.6 percent in July and 7.5 percent a year earlier.
The rate of over-the-year job growth, comparing August 2012 with August 2011, was negative 1.5 percent, representing a loss of 12,400 jobs. The current round of job loss started in June 2012 after ten months of year-over-year gains. Employment for August 2012 increased in six industries and decreased in seven.
Educational and health services, up 3,000 jobs, again led the expanding industries, with leisure and hospitality, up 2,300, also posting a large gain. The mining industry added 1,000 jobs, continuing a positive trend that has persisted for more than two years, while manufacturing, up 900; transportation, warehousing, and utilities, up 700; and wholesale trade, up 100, registered smaller increases.
Government payrolls contracted by 5,800 jobs from their year-earlier total, with losses ongoing at all three levels: state, down 3,700; federal, down 1,700; and local, down 400. Professional and business services, down 5,700, posted a similar dip, while construction, down 3,000; miscellaneous other services, down 2,600; financial activities, down 1,600; information, down 1,000; and retail trade, down 700, also reported declining employment.
Detailed analysis will be provided in the August Labor Market Review, scheduled for release on September 28.
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