The rating on Albuquerque, N.M.'s bonds reflects the city's: * Expanding economy based in services, trade, and government; * Average income indicators; * Sound financial operations and position; and * Moderately low and rapidly maturing debt. Albuquerque (population 425,000) is New Mexico's largest city and economic center. Services (31.1% of jobs), trade (24.3%), and government (19.1%) drive the metropolitan area economy. Despite a slight decline in 1996, labor force and employment continue to rise while unemployment (averaging 4.4% in 1996) has remained lower than state and national rates since 1989. The public and health care sectors dominate the local employment base with a growing high-technology manufacturing component providing diversification. Although dependence on federally funded defense and research jobs is diminishing,
