Unemployment in both the state as a whole and the Albuquerque/Rio Rancho area fell last month. That is a good development, of course, but the raw numbers are anything but encouraging.

New Mexico:
June unemployment was 8.2% — down from 8.4% in May
Over-the-year job growth MINUS 1.8% — 14,200 jobs lost

Albuquerque/Rio Rancho
June unemployment was 8.6% — down from 8.8% in May
Over-the-year job growth MINUS 1.4% – 5,100 jobs lost

We have never been a ‘boom and bust’ state so getting back all those jobs is going to take a few years.