The economy in New Mexico fell apart in a way not seen since the 1940s according to a story in the New Mexico Business Weekly. Overall, the state lost 43,000 jobs in 2009; the mining, manufacturing and construction sectors were among the hardest hit.
However, recovery from the state economy’s nadir could be on its way, New Mexico Department of Workforce Solutions economist Mark Boyd told the New Mexico Business Weekly.
“New Mexico may have reached a statistical low point in August from which a slow recovery can be staged,” Boyd’s most recent monthly newsletter on the state’s economy says. “The job losses already recorded will remain with us for a long time. Improvement in the numbers may simply reflect comparisons to the record-low levels reported last year.
“The extent of the losses is such that it will likely be several years until employment reaches pre-recession levels again.”
So the worst may be over — but the new governor will be facing high unemployment rates for the foreseeable future.