NMDWS News:

The New Mexico Labor Market Review (LMR) presents the most up-to-date labor market highlights and happenings. The LMR is produced and published monthly and includes data on the labor force, jobs, and unemployment for the state and select substate areas. Additional information and historical data are available at www.dws.state.nm.us/LMI.

Highlights

New Mexico’s seasonally adjusted unemployment rate, at 3.8 percent, has slowly increased by 0.3 percentage points over the past five months. New Mexico’s all time unemployment rate low was 3.4 percent in August 2022, only 0.4 percentage points lower than this month’s rate. October’s unemployment rate is over two times less than the pandemic high of 9.3 percent in May 2020. Among all states, New Mexico was tied with the state of Washington for the 14th highest unemployment rate in the country. Nevada had the highest unemployment rate (5.4 percent) while Maryland had the lowest (1.7 percent).

Over the year, the state’s labor force has grown by 23,182, or 2.5 percent, due to increases in both the number of people working and the number of people unemployed. Since October 2022, the number of employed has increased by 19,395, or 2.1 percent, while the number of unemployed increased by 3,787, or 11.4 percent.

Read the full report here: https://www.dws.state.nm.us/Portals/0/DM/LMI/LMR_2023_Oct.pdf