Unemployment Rate Better Than Last Year

Unemployment Rate Better Than Last YearIn the month of July the seasonally adjusted rate of unemployment in New Mexico was 6.6 percent which is an increase from the 6.5 percent seen in June. However it is a drop from the 7.0 percent that stood one year back.

Meanwhile the national unemployment rate remained at 6.2 percent which is an increase from 6.1 percent in June but a slide from last year's 7.3 percent in July.

However the nonfarm employment rate increased in 2014 by 4,300 jobs or 0.5 percent in one year if compared to 2013 July.

Growth in six of the industries counterbalanced the fall in seven others and the net growth continued to remain steady after last month shift for the first time into a positive rate year on year in the last nine months.

The leading score was seen in the education and health services with a boost of 5,000 jobs over the year. This is the sectors highest numeric gain in about ten years.

Job growth was persistent in financial activities, retail sector as well as mining.

Leisure and hospitality along with transportation, warehousing and utilities contributed towards the growth but with a smaller increase.