May 8, 2023

Nationwide unemployment rates hold steady in April

A stock photo of construction workers and equipment.

Construction workers and equipment.

The Bureau of Labor Statistics released its federal monthly jobs report Friday.

The report showed that the unemployment rate, the percentage of eligible workers filing for unemployment insurance, has remained steady since March 2022.

The current federal unemployment rate is 3.4 percent compared to March 2022 when it was 3.7 percent.

The report states that total nonfarm payroll employment rose by 253,000 jobs in April.

Employment trended upward in the professional and business services, health care, leisure and hospitality, and social assistance, the report states.

New Mexico’s March unemployment rate is similar, standing at 3.5 percent every month since October 2022 with the exception of it rising a little to 3.6 percent in February, according to the Bureau of Labor Statistics. April’s unemployment rate for states will come out later this month.

Nationally, the unemployment rate showed minimal or no change in April.

The unemployment rate for adult men was 3.3 percent, adult women was 3.1 percent, teenagers was 9.2 percent, white people was 3.1 percent, Black people was 4.7 percent, Asian people was 2.8 percent and Hispanic people was 4.4 percent, the report states.

In New Mexico, the March 2023 Labor Market Review, which was released on April 28, reports that the unemployment rate was down by 1 percent from February 2022.

“In March 2023, New Mexico’s seasonally adjusted unemployment rate was 1.1 percentage points lower than it was a year earlier. At 3.5 percent, the state’s unemployment rate is only 0.1 percentage point higher than the all time low of 3.4 percent in August 2022. The unemployment rate has dropped 5.8 percentage points from the pandemic-high of 9.3 percent in May 2020,” the Labor Market Review states.

In New Mexico, the unemployment rate for adult men was 4.4 percent in March 2023 versus 6.3 percent in March 2022, for adult women it was 3.3 percent in March versus 5.3 percent in March 2022, teenager unemployment was 9.1 percent in March versus 12 percent in March 2022. The unemployment rate in New Mexico for white people was 3.4 percent in March versus 5.2 percent in March 2022, for Black people it was 4 percent inMarch versus 5.2 percent in March 2022 and for Hispanics it was 3.9 percent in March versus 6.5 percent in March 2022.

“Since May 2020 when it peaked at 84,579, the number of unemployed has declined by almost 60 percent. In March there were 20,960 less unemployed New Mexicans than in March 2020 right before the pandemic began,” the Labor Market Review states.

The monthly jobs report is released the first Friday of the month with May’s report expected to be released June 2.

The New Mexico Labor Market Review is usually released on the last Friday of the following month.