Employment figures begin to turn around

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Despite the progress, there’s still a long way to go

By The Staff

SANTA FE – New Mexico stopped the bleeding in its unemployment rate in November, according to the latest data from the state Economic Research and Analysis Bureau.

But the agency stopped short of an optimistic forecast.

According to the report released Wednesday, New Mexico’s seasonally adjusted unemployment rate was 7.8 percent in November 2009, unchanged from October’s revised rate, but up from 4.6 percent a year ago.

The national unemployment rate decreased to 10 percent.

For the state, the rate of over-the-year job growth, comparing November 2009 with November 2008, was negative 3 percent, representing a loss of 25,400 jobs. New Mexico’s ranking among the states was 22nd highest, as all 50 states reported declining year-over-year employment.

New Mexico may have reached a statistical low point in August from which a slow recovery can be staged, according to an announcement from the Department of Workforce Solutions.

Since August, the announcement stated, the employer survey has reported three consecutive months of seasonally adjusted increases in the total number of jobs. However, earlier losses are such that the state is still down more than 25,000 jobs on the year and it will be a number of years until employment reaches pre-recession levels again.

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