NEW MEXICO UNEMPLOYMENT FUND DEPLETED
New Mexico has depleted its unemployment benefits trust fund and is now using federal loans to keep up with claims; the AP reports. Workforce Solutions Secretary Bill McCamley said that unemployment trust reserves were exhausted on September 8th. Since then, the state has spent about $35 million in borrowed federal funds to maintain unemployment benefits. In August, the New Mexico unemployment rate was 11.4%, exceeding neighboring states as health officials take gradual steps toward reopening the economy and schools. As of last week, about 123,000 people were receiving unemployment benefits in the state of 2.1 million.
Lawmakers in June put a freeze on unemployment insurance tax rates for businesses through the end of 2021. Governor Michelle Lujan Grisham is contemplating a decision on when to reinstate a requirement that those who receive unemployment would need to actively look for work.
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