New Mexico had one of the worst job loss rates in the nation for June, according to a new report by the New Mexico Voices for Children‘s Fiscal Policy Project.
“It used to be that New Mexico was not as deeply affected as the rest of the nation during a recession, but that’s not the case this time,” Fiscal Policy Project director Gerry Bradley said. “The run-up to this recession — the housing boom and high energy prices — had a significant impact on the state’s economy. Employment was up, revenue was up, and so was spending. But we ended up paying for the good times when those two economic drivers crashed.”
The state’s 8.2 percent unemployment rate continues to trail the national average of 9.5 percent, thanks to infusions of federal money — but New Mexico’s economy won’t improve until the national economy improves, the report says.
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