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| New Job Numbers Good for New Mexico |
June 18, 2004 |
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The nation again received some encouraging economic news today.
In New Mexico...
2,800 New Jobs in May
7,000 New Jobs in 2004
16,200 New Jobs in Last Year
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Congresswoman Heather Wilson welcomed new job growth numbers for May that show continued strong growth and good news for working families.
The U.S. Department of Labor announced that 2,800 new jobs were created in New Mexico last month, bringing the total of new jobs for the state to 7,000 in 2004. Over the last year New Mexico has seen an additional 16,200 new jobs.
The unemployment figure edged down 5.5% from 5.6% the previous month. These numbers are significant when considering that in May of last year the unemployment rate in New Mexico was 6.3%
This good news on the jobs front, along with other positive economic numbers, shows that the economy is strong and growing stronger.
"The most important reality of economic growth - the one that matters most to people - is jobs," Wilson said. "We need an economy that produces steadily expanding job opportunities so that everyone who wants to work can work, and every working person can get ahead and improve the quality of life for their family."
"Strong numbers like these are not created because a few businesses are having a good month. These numbers reflect real economic strength," Wilson said.
Nationwide, more than 1.1 million jobs have been added since August, with 8 consecutive months of gains. The national unemployment rate stood at 5.6% in May -- below the national average of the 1970s, 1980s, and 1990s.
The national unemployment rate held steady at 5.6% in May - 0.7 percentage points below a peak of 6.3% in June 2003.
National data released June 4 showed that payroll employment increased again by 248,000 in May, building on 353,000 in March and 346,000 in April. Manufacturing employment also grew nationally by 32,000 jobs last month.
Other economic indicators are also promising sustained growth.
"Companies are hiring and that`s great news for New Mexicans."
--Representative
Heather Wilson
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Inflation is low and interest rates and mortgage rates are near historic lows.
Homeownership rates are at the highest level ever - 68.3%. Minority homeownership is also at its highest rate ever.
After-tax incomes are up by 10% since December 2000 - substantially higher than following the last recession, and household wealth is at an all-time high.
Economic growth over the last four quarters has been the fastest in two decades.
 New Mexico is also contributing to the momentum fueling the nation`s economic growth.
5.5% State Unemployment rate - lower than the state average in the 1980s and 1990s.
4,400 new jobs added in the first quarter of this year alone in New Mexico.
Nearly 1,900 building permits for new home construction in the Albuquerque metro area were issued during the first quarter - about 20% more than the same period last year.
Wilson continues to tour dozens of Albuquerque area businesses to gather firsthand knowledge about the jobs outlook by talking to both employees and owners.
"I`m hearing encouraging reports from all over the area as I tour the small businesses that make our economy work," Wilson said. "Companies are hiring and that`s great news for New Mexicans." |
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