New Mexico‘s seasonally adjusted unemployment rate was 3.8 percent in May, unchanged from April’s rate and up from 3.6 percent a year earlier.
The national unemployment rate in May was 4.0 percent, up from 3.9 percent in April and 3.7 percent in May 2023.
Total nonfarm payroll employment grew by 15,700 jobs, or 1.8 percent, between May 2023 and May 2024. Most of the gains came from the private sector.
The private sector increased 9,000 jobs, or 1.3 percent, while the public sector increased 6,700 jobs, or 3.6 percent. Within the private sector, private service-providing industries increased 8,600 jobs, or 1.5 percent, while employment in goods-producing industries increased 400 jobs, or 0.4 percent, with compared to the level of May 2023.
Within goods-producing industries, manufacturing increased 900 jobs, or 3.2 percent. Within the manufacturing sector, the durable goods sector increased by 600 jobs, or 3.8 percent. Employment in the nondurable goods manufacturing sector increased by 300 jobs, or 2.3 percent.
Employment in mining and construction decreased by 500 jobs, or 0.7 percent. Most of the job losses were in mining, which lost 300 jobs, or 1.3 percent, during the year. Employment in the construction industry fell by 200 jobs, or 0.4 percent.
Within private service-providing industries, employment in professional and business services increased by 4,900 jobs, or 4.1 percent. Private education and health services experienced a gain of 3,200 jobs, or 2.2 percent. Within industry, private educational services increased by 2,300 jobs, or 11.3 percent, and health care and social assistance increased by 900 jobs, or 0.7 percent. Other miscellaneous services increased by 900 jobs, or 3.2 percent. Leisure and hospitality increased by 900 jobs, or 0.9 percent.
Trade, transportation and utilities increased by 900 jobs, or 0.6 percent. Within this industry, retail trade increased by 1,600 jobs, or 1.7 percent; wholesale trade increased by 300 jobs, or 1.4 percent; and transportation, storage and utilities decreased by 1,000 jobs, or 3.4 percent. Financial activities increased by 300 jobs, or 0.8 percent. The report decreased by 2,500 jobs, or 22.1 percent.
Within the public sector, local government increased 4,000 jobs, or 4.0 percent. Within local government employment, local government excluding education added 2,700 jobs, representing an increase of 5.6 percent. Local government education increased by 1,300 jobs, or 2.4 percent. State government employment increased by 2,700 jobs, or 4.9 percent.
Within state government, most of the gains occurred in state government, excluding education, which increased 1,600 jobs, or 5.2 percent. State government education increased by 1,100 jobs, or 4.5 percent. The federal government was unchanged from its employment level in May 2023.
More analysis will be provided in the Labor Market Review scheduled for release on July 2.
The data can be found online. here and www.jobs.state.nm.us/analyzer/.
Keynote USA
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