Manufacturing, Hospitality, Business Services All Took Hits
The Albuquerque metro area added a measly 200 jobs in the year that ended Feb. 28 for a 0.1 percent growth rate and the second-worst showing of any major metro area in the region.
Even Pueblo, Colo., which is about a fifth the size of Albuquerque, had a better jobs showing. Pueblo added 1,000 jobs for a 1.6 percent growth rate.
Only Oklahoma City fared worse than Albuquerque; it lost 1,600 jobs for a negative 1.6 percent growth rate.
It was the worst showing for Albuquerque in a while. Over the previous five months, the area’s year-over-year monthly job growth rate averaged 1.3 percent, according to the U.S. Bureau of Labor Statistics.
Six industry sectors in the area gained jobs and three lost them over the year. One had no change.
Percentage-wise, the manufacturing sector took the biggest hit; it lost 1,200 jobs for a negative 7.3 percent growth rate.
The leisure and hospitality sector lost 700 jobs for a minus 1.7 percent growth rate, and the professional and business services sector, which includes some of the highest paying jobs, shed 400 jobs for a negative 0.7 percent growth rate.
Albuquerque has been mired in a nearly 10-year jobs drought. The area’s jobs peaked at 401,700 in December 2007. As of February, the area had 385,100 jobs.