New Mexico’s October unemployment rate down from September

Business

ALBUQUERQUE, N.M. (KRQE) – The New Mexico Department of Workforce Solutions announced Friday the state’s seasonally-adjusted unemployment rate was 8.1% for October 2020. This was down from 9.9%, reported in September, and up from 4.8% from October 2019. This trend mirrors the national averages of 6.9% for October 2020, 7.9% for September 2020, and 3.6% for October 2019.

Officials with the department said total nonagricultural payroll employment fell by 54,700 jobs (6.3%) between Oct. 2019 and Oct. 2020. Most losses in unemployment came from the private sector, down 52,400 jobs (7.8%). The public sector was down 2,300 jobs (1.2%). Losses were reported in components of the private sector. The department said private service-providing industries were down 12,700 jobs, representing a decrease of 11.8%.

More details can be found on the Department of Workforce Solutions website.

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