Unemployment Rate Rebounds In November; Labor Force Continues Drop


New Mexico's unemployment rate remained unchanged in November at 6.1 percent, notably less than the 6.7 percent logged for the same period previous year. The Golden State's economy got off to a slow start this year, but has been picking up steam in the second half.

The number of people seeking US unemployment aid rose last week for the first time in five weeks, but remained at a low level that points to a healthy job market.

The BLS also revised its estimated job loss for October to 4,200.

- The Federal Reserve and many business economists forecast the unemployment rate should soon fall below 4 percent for the first time since 2000.

"Maryland's continued job growth, particularly in the private sector, shows that the work Governor Hogan and the entire administration is doing to attract businesses and help them expand is paying off", said Maryland Commerce Secretary Mike Gill in a statement.

But the private sector shed 4,200 jobs in November, primarily in the trade, transportation, and utilities sector, as well as leisure and hospitality jobs. Employment in mining, which includes the oil and gas industry, fell by 600 jobs or 3.2 percent.

The more stable four-week moving average of initial claims increased by 1,250 to 236,000 last week, but remained below the 300,000 level that's considered a healthy job market.