NMDWS News:
New Mexico’s seasonally adjusted unemployment rate was 4.4 percent in December, unchanged from the rate in November and up from 4.0 percent in the previous year. The national unemployment rate in December was 4.1 percent, down from 4.2 percent in November and up from 3.8 percent in December 2023.
Total nonagricultural payroll employment grew by 13,100 jobs, or 1.5 percent, between December 2023 and December 2024. The majority of gains came from the private sector. The private sector was up 11,700 jobs, or 1.7 percent, while the public sector was up 1,400 jobs, or 0.7 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 3,100 jobs, or 2.9 percent, from the level in December 2023.
Within the goods-producing industries, mining and construction employment increased by 2,600 jobs, or 3.4 percent. Most job gains were in construction, which was up 2,300 jobs, or 4.3 percent, over the year. Employment in the mining industry increased by 300 jobs, or 1.3 percent. Manufacturing was up 500 jobs, or 1.7 percent. Within manufacturing, non-durable goods manufacturing was up 400 jobs, or 3.0 percent. Durable goods manufacturing employment was up 100 jobs, or 0.6 percent.
Within the private service-providing industries, private education and health services experienced a gain of 4,500 jobs, or 3.1 percent. Within the industry, a loss of 900 jobs, or 4.0 percent, in private educational services was offset by a gain of 5,400 jobs, or 4.4 percent, in health care and social assistance. Leisure and hospitality employment increased by 2,700 jobs, or 2.8 percent. Financial activities was up 1,300 jobs, or 3.7 percent. Professional and business services was up 1,300 jobs, or 1.1 percent. Miscellaneous other services was up 800 jobs, or 2.9 percent. Trade, transportation, and utilities was down 1,800 jobs, or 1.2 percent. Within this industry, transportation, warehousing, and utilities was down 1,700 jobs, or 5.5 percent; retail trade was down 100 jobs, or 0.1 percent; and wholesale trade was unchanged from the previous level. Information was down 200 jobs, or 2.2 percent.
Within the public sector, local government was up 2,200 jobs, or 2.1 percent. Within local government employment, local government education added 2,100 jobs, representing an increase of 3.9 percent. Local government excluding education was up 100 jobs, or 0.2 percent. Employment in state government was down 400 jobs, or 0.7 percent. Within state government, all losses were in state government education, which was down 500 jobs, or 2.0 percent. State government excluding education was up 100 jobs, or 0.3 percent. Federal government was down 400 jobs, or 1.3 percent, from its employment level in December 2023.
Further analysis will be provided in the Labor Market Review scheduled for release Feb. 4.
