NMDWS News:
New Mexico’s seasonally adjusted unemployment rate was 4.0 percent in January, unchanged from the revised December rate and up from 3.6 percent in the previous year.
The national unemployment rate in January was 3.7 percent, unchanged from the revised rate in December and up from 3.4 percent in January 2023.
Total nonagricultural payroll employment grew by 15,500 jobs, or 1.8 percent, between January 2023 and January 2024. The majority of gains came from the private sector, which was up 9,000 jobs, or 1.3 percent. The public sector was up 6,500 jobs, or 3.6 percent. Most private sector gains were in the private service-providing industries, which were up 7,000 jobs, or 1.2 percent, while the goods producing industries were up 2,000 jobs, representing an increase of 2.0 percent.
Within the goods-producing industries, mining and construction employment rose by 1,900 jobs, or 2.6 percent. The majority of gains were within the construction industry, which was up 1,500 jobs, or 3.0 percent, over the year. Mining employment grew by 400 jobs, or 1.8 percent. Manufacturing was up 100 jobs, or 0.3 percent. Within manufacturing, non-durable goods manufacturing was up 300 jobs, or 2.4 percent. Durable goods manufacturing employment was down 200 jobs, or 1.3 percent.
Within the private service-providing industries, professional and business services employment increased by 3,400 jobs, or 2.9 percent. Private education and health services experienced a gain of 2,100 jobs, or 1.5 percent. Within the industry, health care and social assistance was up 1,800 jobs, or 1.5 percent, and private educational services was up 300 jobs, or 1.4 percent. Trade, transportation, and utilities was up 1,300 jobs, or 0.9 percent. Within this industry, retail trade was up 2,700 jobs, or 2.9 percent; transportation, warehousing, and utilities was down 1,100 jobs, or 3.6 percent; and wholesale trade was down 300 jobs, or 1.4 percent. Miscellaneous other services was up 1,200 jobs, or 4.5 percent. Leisure and hospitality was up 1,100 jobs, or 1.1 percent. Information was down 1,700 jobs, or 15.7 percent. Employment in financial activities was down 400 jobs, or 1.1 percent.
Within the public sector, local government was up 3,700 jobs, or 3.8 percent. Within local government employment, local government excluding education added 2,100 jobs, representing an increase of 4.5 percent. Local government education was up 1,600 jobs, or 3.1 percent. Employment in state government was up 2,100 jobs, or 3.9 percent. Within state government, the majority of gains were in state government excluding education, which was up 1,600 jobs, or 5.2 percent. State government education was up 500 jobs, or 2.2 percent. Federal government was up 700 jobs, or 2.4 percent.
Please note that historical employment and unemployment data have been revised. Update your files by downloading the revised data from NMDWS’s interactive labor market information data website, LASER (www.jobs.state.nm.us/analyzer/), or the BLS website (www.bls.gov). Further analysis, including details on these revisions, will be provided in the Labor Market Review scheduled for release March 15.
Data can be found online at the following locations: https://www.dws.state.nm.us/en-us/Researchers/Data/Employment-Snapshot and www.jobs.state.nm.us/analyzer/.
