Jobless rate drops slightly in New Mexico

New Mexico reports slight decrease in unemployment rate, but job growth still negative

Associated Press

SANTA FE, N.M. (AP) -- New Mexico's unemployment rate has dropped slightly to 6.3 percent for October, but state labor officials say the job growth rate remains negative.

The New Mexico Department of Workforce Solutions said Tuesday the negative 0.7 percent over-the-year job growth rate represents a loss of about 5,900 jobs.

The current round of job loss started in June after 10 months of positive growth. Those industries that are losing jobs include construction and professional and business services.

The educational, health services and hospitality industries added about 5,000 jobs since last October.

Labor officials say New Mexico's unemployment rate is an improvement over last October, when New Mexico's rate stood at 7.2 percent. The national rate is 7.9 percent.

Nationwide, Labor Department statistics show 37 states saw lower jobless rates in October thanks to hiring increases.

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