SANTA FE, N.M. — Steady paychecks and a 40-hour workweek are not the norm for many employees in New Mexico, according to a new state study that puts in perspective some of the impacts of the Great Recession and the gradual recovery since.
“When the Great Recession struck, layoffs were not the only cost-saving measures implemented by employers,” says the study in the state’s latest Labor Market Review. “Reduced wages and hours were also enacted in attempts to weather the recessionary storm.”
While overall employment has grown since hitting bottom in January 2010, both the average work week and real wages have lagged behind. The recession ran from December 2007 though June 2009.
Written by economist Ashley Leach of the Department of Workforce Solutions, the study analyzes data from employer surveys on employment, hours and earnings in the private sector from January 2007 to March 2015.
The study uses a rolling 12-month average to smooth out the data. As a result, its findings focus on a tighter time frame of July 2007 to September 2014.