NMDWS News:

New Mexico’s seasonally adjusted unemployment rate was 4.3 percent in October, up from 4.2 percent in September and up from 4.0 percent the previous year.

The national unemployment rate in October was 4.1 percent, unchanged from September and up from 3.8 percent in October 2023. Total nonagricultural payroll employment grew by 11,500 jobs, or 1.3 percent, between October 2023 and October 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 2,500 jobs, or 1.3 percent. Within the private sector, the private service-providing industries were up 6,400 jobs, or 1.1 percent, while employment in the goods-producing industries was up 2,600 jobs, or 2.4 percent, from the level in October 2023.

Within the goods-producing industries, mining and construction employment increased by 1,800 jobs, or 2.3 percent. Most job gains were in construction, which was up 1,200 jobs, or 2.2 percent, over the year. Employment in the mining industry increased by 600 jobs, or 2.6 percent. Manufacturing was up 800 jobs, or 2.8 percent. Within manufacturing, durable goods manufacturing was up 600 jobs, or 3.9 percent. Non-durable goods manufacturing employment was up 200 jobs, or 1.5 percent.

Within the private service-providing industries, private education and health services experienced a gain of 3,000 jobs, or 2.1 percent. Within the industry, a loss of 700 jobs, or 3.1 percent, in private educational services was offset by gain of 3,700 jobs, or 3.0 percent, in health care and social assistance.

Leisure and hospitality employment increased by 2,300 jobs, or 2.3 percent. Professional and business services was up 1,900 jobs, or 1.6 percent. Financial activities was up 800 jobs, or 2.3 percent. Miscellaneous other services was up 200 jobs, or 0.7 percent. Information was up 100 jobs, or 1.1 percent.

Trade, transportation, and utilities was down 1,900 jobs, or 1.3 percent. Within this industry, retail trade was down 1,000 jobs, or 1.0 percent; wholesale trade was down 600 jobs, or 2.9 percent; and transportation, warehousing, and utilities was down 300 jobs, or 1.0 percent.

Within the public sector, local government was up 1,300 jobs, or 1.3 percent. Within local government employment, local government education added 1,100 jobs, representing an increase of 2.0 percent. Local government excluding education was up 200 jobs, or 0.4 percent.

Employment in state government was up 1,200 jobs, or 2.1 percent. Within state government, all gains were in state government education, which was up 1,300 jobs, or 5.3 percent. State government excluding education was down 100 jobs, or 0.3 percent. Federal government was unchanged from its employment level in October 2023.

Further analysis will be provided in the Labor Market Review scheduled for release Dec. 3.

Data can be found online here and www.jobs.state.nm.us/analyzer/.