NMDWS News:
New Mexico’s seasonally adjusted unemployment rate was 3.8 percent in May, unchanged from the rate in April and up from 3.6 percent in the previous year.
The national unemployment rate in May was 4.0 percent, up from 3.9 percent in April and up from 3.7 percent in May 2023.
Total nonagricultural payroll employment grew by 15,700 jobs, or 1.8 percent, between May 2023 and May 2024. The majority of gains came from the private sector.
The private sector was up 9,000 jobs, or 1.3 percent, while the public sector was up 6,700 jobs, or 3.6 percent. Within the private sector, the private service-providing industries were up 8,600 jobs, or 1.5 percent, while employment in the goods-producing industries was up 400 jobs, or 0.4 percent, from the level in May 2023.
Within the goods-producing industries, manufacturing was up 900 jobs, or 3.2 percent. Within manufacturing, durable goods manufacturing was up 600 jobs, or 3.8 percent. Non-durable goods manufacturing employment was up 300 jobs, or 2.3 percent.
Mining and construction employment decreased by 500 jobs, or 0.7 percent. The majority of job losses were in mining, which was down 300 jobs, or 1.3 percent, over the year. Employment in the construction industry contracted by 200 jobs, or 0.4 percent.
Within the private service-providing industries, professional and business services employment increased by 4,900 jobs, or 4.1 percent. Private education and health services experienced a gain of 3,200 jobs, or 2.2 percent. Within the industry, private educational services was up 2,300 jobs, or 11.3 percent, and health care and social assistance was up 900 jobs, or 0.7 percent. Miscellaneous other services was up 900 jobs, or 3.2 percent. Leisure and hospitality was up 900 jobs, or 0.9 percent.
Trade, transportation, and utilities was up 900 jobs, or 0.6 percent. Within this industry, retail trade was up 1,600 jobs, or 1.7 percent; wholesale trade was up 300 jobs, or 1.4 percent; and transportation, warehousing, and utilities was down 1,000 jobs, or 3.4 percent. Financial activities was up 300 jobs, or 0.8 percent. Information was down 2,500 jobs, or 22.1 percent.
Within the public sector, local government was up 4,000 jobs, or 4.0 percent. Within local government employment, local government excluding education added 2,700 jobs, representing an increase of 5.6 percent. Local government education was up 1,300 jobs, or 2.4 percent. Employment in state government was up 2,700 jobs, or 4.9 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 1,100 jobs, or 4.5 percent. Federal government was unchanged from its employment level in May 2023.
Further analysis will be provided in the Labor Market Review scheduled for release July 2.
Data can be found online here and www.jobs.state.nm.us/analyzer/.
