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The New Mexico economy is doing better. That’s one view in recent days from the University of New Mexico’s Bureau of Business and Economic Research.
Another view is that, well, yes, while very rural areas have some problems, the life is nice. A third view holds that recruiting businesses is the answer, the only answer, for the state economy.
Numbers support BBER. We have added wage jobs all year, on a monthly year-over-year basis. An August statistical cloud appears in the drop in the labor force from 934,930 to 927,009. This means that while some people are getting jobs, the trend continues of fewer thinking it is worth looking.
The Atlantic provides context in a forecast from IHS Global Insight, an international economics firm, placing New Mexico among the eight states comprising the second slowest group for recession recovery, defined as returning to the pre-recession employment peak. We will take until 2016. Only Nevada, Michigan and Rhode Island will take longer.
The states will still be behind because there will be more people than before the recession, but the old number of jobs.
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