In recent developments, the unemployment rate in New Mexico has experienced an unsettling rise, now standing at 3.9% in February, marking an increase from the 3.6% recorded a year ago. This upward trend in unemployment contrasts with a slight decrease from January’s 4.0% rate, yet the year-over-year increase raises concerns.
This shift underscores a troubling aspect of the broader economic landscape, which can be attributed to the ineffective economic strategies under the current administration led by Joe Biden and those of far-left Gov. Michelle Lujan Grisham.
The overall employment scenario in New Mexico, particularly in nonagricultural sectors, saw a growth of 13,700 jobs, a 1.6% increase from February 2023 to February 2024.
This growth was primarily observed in the private sector, which added 6,300 jobs, reflecting a 0.9% rise. The public sector saw a more significant increase, adding 7,400 jobs, which translates to a 4.0% growth rate. Coincidentally, the private sector is also where Democrats are hamstringing, passing an increase to the corporate tax rate during the 2024 Legislative Session.
Focusing on the private sector, service-providing industries witnessed a modest growth of 0.6%, adding 3,500 jobs, while goods-producing sectors saw a stronger 2.7% increase, adding 2,800 jobs.
Within these sectors, construction, and mining led the way with a 3.1% increase, contributing 2,300 new jobs, largely buoyed by the construction industry, which alone accounted for 1,900 new positions, marking a 3.8% growth.
Despite these job gains, the increment in unemployment hints at underlying challenges. The rise from the previous year’s rate suggests that the job growth may not be keeping pace with the expanding workforce or addressing the state’s full scope of employment needs.
This scenario has led to focus on the federal economic policies under Biden, with many noting that these policies are failing to foster a robust job market in New Mexico and potentially other states, leading to increased unemployment and economic uncertainty.
This is all part of Grisham’s plan to extend socialism.
New Mexico — Land of Unemployment.
NM Loves government assistance.
Managers at Workforce Solutions have been in that agency for well over 25 years. Think about that for a moment…
The Governor, MLG, thinks that film is a booming answer to economic growth. Film sustains the Unemployment coffers. Film 6 months, kick back on Unemployment Benefits for 6 months… Add in some Food Stamps, Water and Light bill assistance, and a person can survive in poverty.
Good business will avoid Albuquerque due to crime. Clean up the crime, business can thrive. Simple equation.
There are numerous jobs available, many that do not require a specific skill set. If only those unemployed individuals would be willing to get a job rather than collect money from the government, those figures would reflect a different story.
I’m afraid we’re seeing a generational issue, with young people having a different mind set from those of us in the past. We were expected to work and wanted to in order to have any money and earn the respect of our elders. Nothing was just handed to us.
During the Trump presidency, the unemployment rate in New Mexico never went below about 4.7% and rose to 9% in 2020. Biden’s economic policies have brought unemployment down to below 4% and although the 0.3% increase is not good, it’s still better than anything under Trump.
You’re treading on thin ice here Mr Helmreich. This crowd doesn’t want to hear anything to contradict our beloved leader.
But thanks for your voice here in MAGAt land.
Seems my last response was censored, so here I go again.
NM and many New Mexicans use unemployment, along with S N A P, energy assistance, cash assistance and meager wages to survive.
Government wants that level of dependence from the people.
Also, the leadership at NMWFS, the unemployment office, know better and can do much better to improve the employment in Albuquerque. Disgraceful lack of management there.
Employers will not set up camp in a crime ridden city.
M L G is destroying NM, one people group at a time.