A Mostly Negative Picture

The December unemployment picture isn't pretty. The only remotely positive statement that can be made is that we are (still) better off than most. While the national unemployment rate is now at 7.2%, New Mexico was 4.9% in December with Albuquerque/Rio Rancho at 5.3%

Sounds pretty good except that one year ago, the figures were 3.2% for New Mexico and 3.4% for Albuquerque/Rio Rancho.

The only areas of growth are in government and education/health services. (Statewide, mining is still showing growth but anticipated layoffs due to the drop in oil prices will erase those gains.)

Every other sector is showing negative numbers: manufacturing, construction, leisure & hospitality, retail, financial and transportation.

Not much to cheer about.