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New Mexico Jobless Rate Of 6.8% Second-Worst In Nation; Economic Forum Monday at NMSU Las Cruces

  KRWG-TV hosts the Chamber Economic Forum Monday at 1pm in its Milton Hall studios on the NMSU Las Cruces campus.  The forum comes at a particularly difficult time for New Mexico’s economy.  Nationally….there’s a rebound….with unemployment in October falling to five percent.  Meantime, New Mexico’s jobless rate of 6.8 percent was the second highest in the country…only West Virginia did worse at 6.9 percent.

In September, the jobless rate in Las Cruces was even higher at 7.3 percent.  Some in the business community have expressed concern about the city’s increase in the minimum wage.  The wage rose to $8.40 in January, nearly a dollar higher than New Mexico’s minimum wage of $7.50.  Despite the increase, recent statistics show the lower-paid retail industry is doing well…while higher paid industries are faltering.

Between August of 2014 and August of this year, retail was one of the fastest growing industries in Las Cruces with employment growth of nearly four percent.  Wholesale trade was up about eight percent and transportation, warehousing and utilities was up almost 16 percent.

During the same time period…natural resources, mining, and construction was down more than 19 percent.  And employment in the business services sector fell 12 percent. 

Join us Monday at 1pm at KRWG-TV studios for the Chamber Economic Forum.  It’s your chance to ask New Mexico State University economists questions about a variety of issues.  You can print a parking pass for easy parking near our studios.  Turn onto Jordan Road at University Avenue, by the Barnes and Noble.   

The program taping at 1pm Monday airs Wednesday at 7pm on KRWG-TV.

October Unemployment

New Mexico     6.8%

United States   5%

Las Cruces Employment

August 2014 to August 2015

Retail                                                                +3.9%

Wholesale Trade                                            +7.7%

Transportation, Warehousing, Utilities   +15.8%

Business Services                                            -12%

Other Services                                                 -12.5%

Natural Resources/Mining/Construction -19.4%