Business Week, using data from the Brookings Institution, has decided that Albuquerque is among the 40 cities that have been least effected by the recession. Another one of those 'depends on where you are' articles. One thing they did get right without question: all the noted cities had one thing in common - home prices that never got too high or too low.
But -- looking at the facts 'on the ground' the picture is not particularly cheerful.
New Mexico unemployment was 7.7% in September - up from 4.4% for the same month in '08.
Albuquerque/Rio Rancho unemployment was 8% -- up from 4.6% in September of '08.
That is the first time in my memory that this area has had higher unemployment numbers than the state as a whole.
Most worrisome is that job growth is at a 66-year low for the state with no real sign of a turn around yet. Were it not for increases in the government and health sectors, the numbers would be even worse.
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