NMDWS News:
New Mexico’s seasonally adjusted unemployment rate was 3.9 percent in February, down from 4.0 percent in January and up from 3.6 percent in the previous year. The national unemployment rate in February was 3.9 percent, up from 3.7 percent in January and up from 3.6 percent in February 2023.
Total nonagricultural payroll employment grew by 13,700 jobs, or 1.6 percent, between February 2023 and February 2024. The majority of gains came from the private sector, which was up 6,300 jobs, or 0.9 percent. The public sector was up 7,400 jobs, or 4.0 percent. Within the private sector gains, the private service-providing industries were up 3,500 jobs, or 0.6 percent, while the goods-producing industries were up 2,800 jobs, representing an increase of 2.7 percent.
Within the goods-producing industries, mining and construction employment rose by 2,300 jobs, or 3.1 percent. The majority of gains were within the construction industry, which was up 1,900 jobs, or 3.8 percent, over the year. Mining employment grew by 400 jobs, or 1.7 percent. Manufacturing was up 500 jobs, or 1.7 percent. Within manufacturing, non-durable goods manufacturing was up 300 jobs, or 2.3 percent. Durable goods manufacturing employment was up 200 jobs, or 1.3 percent.
Within the private service-providing industries, professional and business services employment increased by 3,200 jobs, or 2.7 percent. Private education and health services experienced a gain of 2,400 jobs, or 1.7 percent. Within the industry, health care and social assistance was up 2,000 jobs, or 1.6 percent, and private educational services was up 400 jobs, or 1.8 percent. Miscellaneous other services was up 700 jobs, or 2.6 percent. Trade, transportation, and utilities was up 200 jobs, or 0.1 percent. Within this industry, retail trade was up 1,300 jobs, or 1.4 percent; transportation, warehousing, and utilities was down 900 jobs, or 3.0 percent; and wholesale trade was down 200 jobs, or 1.0 percent. Information was down 2,100 jobs, or 19.3 percent. Leisure and hospitality was down 900 jobs, or 0.9 percent. Employment in financial activities was unchanged from the level of 35,500 jobs in February 2023.
Within the public sector, local government was up 3,900 jobs, or 3.9 percent. Within local government employment, local government excluding education added 2,200 jobs, representing an increase of 4.7 percent. Local government education was up 1,700 jobs, or 3.2 percent. Employment in state government was up 3,100 jobs, or 5.5 percent. Within state government, the majority of gains were in state government excluding education, which was up 1,800 jobs, or 5.8 percent. State government education was up 1,300 jobs, or 5.2 percent. Federal government was up 400 jobs, or 1.4 percent. Further analysis will be provided in the Labor Market Review scheduled for release March 29.
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/.
