Local economist: NM recession not over

New unemployment numbers released by the U.S. Bureau of Labor Statistics Tuesday show the jobless rate in New Mexico has increased, jumping one-tenth of a point from July to August.

The news comes as national economists say the country's recession ended more than a year ago, in June of 2009.

UNM economy expert Larry Waldman says he was surprised by the announcement and believes the recession is still very much active in New Mexico.

"I find it hard to believe that with unemployment so high, they could declare the recession over, but like I say, they look at different things," said Waldman.

Waldman just finished an economic forecast that puts New Mexico's recession ending in the later months of 2010, with a slow recovery in 2011.

He says the National Bureau of Economic Research, the entity responsible for the report, bases its analysis on a number of different factors including how many goods and services are being produced in the United States, as well as unemployment numbers.

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[yellowdotz]

@suemorphplus2009 that all depends on who you are. There are still people that are making tons of cash. HEAPS.

And there are those who's going literally hungry. Food banks here in Cali and NY are getting overwhelmed. There's and explosion of pimping and teen prostitution in Cali. They say the largest number of people going hungry are kids! Those guys don't count anymore though. I bet if they voted 'important' people would start paying more attention to them.

[suemorphplus2009]

@yellowdotz Not neccessarily true. Recognize that political rants aren't always factual. Be cautious about it. Also know that recession only is about decline. It is pretty static, but not neccessarily reversing.

[yellowdotz]

Nothing new in Cali. Recession is over for who?  Not me or anyone I know.

[AntiVenomFangX]

@semnekar

dont blame the bankers for it being legal.

[semnekar]

We should be rioting in the streets, these scum-bag bankers usurped our tax dollars to satify their own greed. Americans support many causes yet when our country is on fire, imploding, & sinking into a bottomless spiral we seem not to give a damn.....WAKE THE F*CK UP!!!!

[chingon711]

can it get any worse?

[disappears]

Listen people America is Fucked up. Run for the hills it's over