New Mexico’s unemployment rate fell to 8.1 percent in March, down from 8.7 percent in February, according to the U.S. Bureau of Labor Statistics. New Mexico’s .6 percent decrease in the jobless rate in March was the largest percentage drop of the 50 states and the District of Columbia.
The state was one of 34 that saw its unemployment rate decline in March. It was the largest number of states reporting falling unemployment rates since June. In seven states, unemployment figures were higher and in nine states and the District of Columbia, the jobless rate didn’t budge from February’s rates.
This makes me proud of New Mexico. All the time I am asked “What makes New Mexico exempt from the huge decreases in home prices?” The answer is simple. We do not have the HUGE industries that dominate any one geographical area, or mega employers who if their doors were closed would be catastrophic to our communities. We have smaller employers relative to other metropolises, and of our big employers like the national laboratories, Intel, the City of Albuquerque, the Air Force bases, etc. they are all pretty secure and stable.
This is a great statistic for New Mexico and the beginning of what I hope will become a trend.