Economic challenges continue to mount for NM

The latest Wallethub report on how state unemployment rates are recovering is out. New Mexico remains among the least-recovered states as the graphic below shows:

In other news, according to an October 16 report from the Legislative Finance Committee that we obtained, Gross receipts tax collections in New Mexico were down $31.6 million in August compared to the same month last year, according to preliminary data from the Taxation and Revenue Department.

Furthermore, total fiscal-year-to-date GRT collections through August were down $30.3 million from the same period a year ago, or 6.3 percent.

Basically, it appears that the combined effects of the Governors lockdowns, their increased intensity, and the lack another round of federal stimulus are having serious, negative impacts on New Mexico’s economy. How long will this last? We have no idea.

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2 Replies to “Economic challenges continue to mount for NM”

  1. Like the author I too have no idea how long this will last; though it’s not a bad guess it may likely lift soon after the coming election; at least if Biden is eventually declared the winner.

    In my frmr military career a great deal of time, energy, and money was spent in determining how to ‘shape the battlefield.’ It’s not enough to criticize your opponents (see: Democrats since 2016). You have to effectively communicate YOUR message for a better future. I subscribe and I have donated to RGF.

    I’m here to help, but please don’t confuse me with a political ATM.

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