New Mexico’s unemployment rate fell to 4.8% in June, down from the previous month but up from 4.0% recorded one year earlier, according to a new state report.
Economic Impact of Oil Prices
Economists say higher oil prices, driven in part by tensions involving Iran, are playing a significant role in the state’s economy. New Mexico State University professor Chris Erickson said increased oil prices create jobs and generate substantial revenue for the state but also raise fuel costs that strain household budgets.
Despite the year-over-year increase, Erickson said the state’s economy appears to be softening only slightly and is not a major concern unless the trend continues. State data also shows Hidalgo County posted the largest unemployment improvement this year, while Guadalupe and Chaves counties experienced the largest increases.
Original reporting: KOAT Albuquerque — read the source article.
