NEW MEXICO (KRQE) – The latest labor market report shows that New Mexico’s unemployment rate has improved drastically since the pandemic. New Mexico is still tied for the 11th-highest unemployment rate in the U.S.
The August 2023 Labor Market Review from the New Mexico Department of Workforce Solutions shows the state is sitting at a 3.7% (seasonally adjusted) unemployment rate. Over the last year, New Mexico gained about 16,600 nonfarm jobs – that’s a 2% increase in employment.
With about 35,800 New Mexicans currently unemployed, New Mexico ranks close to the top 10 states with the highest unemployment rates. Still, several industries such as goods-producing jobs, private education jobs, and state government education jobs are up compared to last year, the report shows.