New Mexico (KRQE) – New Mexico’s unemployment rate is ticking down, moving to 4.9% from 5.1% in May. The largest industry sector to experience employment growth was leisure and hospitality, which experienced an increase of over 13,000 jobs compared to the previous year. The construction industry experienced also showed major growth, with 7,000 jobs filled.
NM Employment Rate
In June, New Mexico’s employment rate was 4.9%, which is down 5.1% in May, and down 7.3% from the last year. The unemployment rate in June was 3.6%, matching May’s rate, but is down from June of 2021.
Nonagricultural Payroll Employment
Between June of 2021 and June of 2022, nonagricultural payroll employment grew by 5.6%, or 45,100 jobs. The private sector was up 41,300 jobs or 6.5%, providing the majority of the total gains. Meanwhile, the public sector was up 30,600 jobs, or 2.2%. Private sector gains were found mostly in private service-providing industries, which were up 30,600 jobs, or 5.7%. Additionally, goods-producing industries were up 10,700 jobs or 11.5%.
Major industry sectors experienced job increases over the year:
- Leisure and Hospitality was up 13,500 jobs, 15.1%
- Mining and Construction was up 8,300 jobs, 12.7%
- Construction specifically was up 7,000 jobs, 14.8%
- Mining specifically was up 1,300 jobs, 7.1%
- Professional and Business Services were up 2,600 jobs, 2.9%
- Education and Health Services was up 4,900 jobs, 3.6%
- Educational Services specifically was up 3,200 jobs, 18.3%
- Health Care and Social Assistance specifically was up 1,700 jobs, 1.4%
- Trade Transportation and Utilities were up 4,400 jobs, 3.3%
- Retail Trade specifically was up 2,600 jobs, 2.9%
- Transportation, Warehousing, and Utilities specifically were up 1,200 jobs, 4.9%
- Manufacturing was up 2,400 jobs, 8.8%
- Durable goods manufacturing specifically was up 1,600 jobs, 10.7%
- Non-durable goods manufacturing specifically was up 800 jobs, 6.5%
- Miscellaneous/others were up 1,100 jobs, 4.0%
- Information was up 500 jobs, 5.3%
Employment in the local government, in the public sector, was up 3,000 jobs, or 3.3%. Within the local government, excluding education, an increase totaling 3,000 jobs, or 6.5%, was experienced. From last year, the local government education employment was unchanged.
State government employment was up 1,100 jobs or 2.2%. Meanwhile, state government education was up 1,300 jobs, a 6.8% increase. Excluding education, the state was down 200 jobs or 0.6%.
From the federal government, a loss of 300 jobs, or 1.0%, compared to June of 2021, was experienced.
For more information on the New Mexico employment situation, click here.