Unemployment rate drops to 5%

QCS Staff

Quay County’ unemployment rate for April was 5 percent, down from 6.5 percent in March and lower than the 5.6 percent unemployment rate in April 2013.

Quay County’s labor force was at 3,603 in April, compared with 3,683 in March and 3,604 in April 2013. There were 182 persons unemployed in April, compared with 240 in March and 202 unemployed in April 2013

New Mexico’s seasonally adjusted unemployment rate was 6.8 percent in April 2014, down from 7.0 percent in March 2014 and down from 6.9 percent a year ago.

The rate of over-the-year job growth, comparing April 2014 with April 2013, was negative 0.5 percent, representing a loss of 4,400 jobs. Six industries added employment, six industries lost jobs, and one remained unchanged.

The largest employment gains were reported in the financial activities sector, which added 2,200 jobs since April of 2013. This sector has seen consistent growth since May 2012, and recent growth has been much higher than what has typically been reported for the sector. Retail trade remained buoyant, adding 1,400 jobs. Mining also had a strong performance, adding 1,300 jobs, though the growth rate in this sector has been trending downward over the past two years. Education and health services, leisure and hospitality, and transportation, warehousing, and utilities each added 200 jobs.

Government employment registered a net loss of 2,800 jobs since April of last year, with most of these losses reported at the local and federal levels. Of the remaining six private-sector industries, five recorded declining employment over the year. The professional and business services industry lost 2,100 jobs. Manufacturing employment declined by 2,000 jobs. Construction employment fell by 1,600 jobs. Miscellaneous other services reported no change compared to the same time last year.