This month, the unemployment reports that were released show a less-than-encouraging state of the labor market in the U.S. and in New Mexico.
It is becoming increasingly clear, with slowed job growth and stagnant unemployment levels indicated, that New Mexico and the rest of the country will be feeling the effects for some time.
This concern was also expressed by Sen. Craig Brandt (District 40-Sandoval). In his statement, he said, “The report from the Governor’s Office highlights the fact that we will likely be dealing with the economic side effects of our response to COVID-19 long after the pandemic has passed. Sadly, while our neighboring states are recovering steadily, forecasts indicate that New Mexico may not recover to pre-pandemic employment levels until the end of 2026. We now have the second-highest unemployment rate in the nation and we have lost around 40% of our small businesses. Whether you believe the governor has handled the pandemic response well or not, these bleak figures certainly call into question her handling of the recovery.”
Brandt, a member of the Legislative Revenue Stabilization and Tax Policy Committee, sat in on the presentation given by the Cabinet Secretaries of the Department of Finance and Administration and the Taxation and Revenue Department for the governor's Consensus General Fund Revenue Outlook.
Brandt said that the report highlighted the side-effects on the economy due to COVID-19 pandemic, and while neighboring states are showing to be recovering steadily, New Mexico is not having the same positive bounce back economically.
The issue figures to be closely monitored not only by government officials in the state, but also by residents. Concern is widespread over the fact that New Mexico has the second highest unemployment rates in the nation, according to Brandt's release.