The slowdown in the oil business helped drag the economy down.
BY DENNIS DOMRZALSKI
New Mexico’s economy nearly slowed to a halt in the year that ended Oct. 31. The state added 2,800 jobs for a 0.3 percent growth rate, the U.S. Bureau of Labor Statistics said Friday.
The slowdown in the oil business helped drag the economy down. The mining sector lost 1,800 jobs, or 6.4 percent of its workforce. But six other sectors lost jobs as well, including construction, which was down 700 jobs; manufacturing, which lost 600 jobs; an trade and transportation, which was down by 500 jobs.
Only four sectors gained jobs: financial services, professional and business services, education and health care services and leisure and hospitality.
With the exception of the Albuquerque metro area, the jobs carnage was statewide. Santa Fe, Las Cruces and Farmington all lost jobs. Las Cruces took the biggest hit, shedding 1,500 jobs for a 2.1 percent drop. Farmington was down 700 jobs, or 1.3 percent, and Santa Fe lost 300 jobs, or 0.5 percent.
The Albuquerque area added 7,200 jobs for a 1.9 percent growth rate. Five of the area’s sectors gained jobs, three lost, and two showed no change. The construction sector grew by 7.2 percent, and professional and business services was up by 6.6 percent. The area’s manufacturing industry continued its long decline. It lot 200 jobs for a 1.2 percent decline.
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