May 23, 2023

NM unemployment rate sticks at 3.5 percent

Photo Credit: Reinis Traidas cc

Unemployment rates in New Mexico remained unchanged from March, but are down compared to last year.

The Department of Workforce Solutions monitors unemployment insurance claim numbers and is watching the then numbers closely as they are reported.

The DWS also does not make speculations about what may come should the debt ceiling talks fail and the U.S. defaults on its debt, DWS spokeswoman Stacy Johnston told NM Political Report Monday.

“As soon as we see any type of red flag indicators or even an orange or a yellow, we’ll definitely be looking a little bit closer at that,” Johnston said. “New Mexico’s a little bit different than the nation. So the last time we went through the recession, we hit a little bit later than most states. And so we’re just a little bit more unique in that regard. So even if we saw something hitting at the national level, it’s not sure at our point if we’re gonna be able to see that immediately here in our state of New Mexico.”

DWS released the April unemployment numbers showing that the New Mexico unemployment rate remained at 3.5 percent.

The rate was unchanged from March and down from 4.3 percent in April 2022, according to a DWS report.

The unemployment rate is the percentage of eligible workers who filed claims for unemployment insurance.

Total nonagricultural payroll employment grew by 18,200 jobs or 2.1 percent between April 2022 and April 2023, the report states.

Most of these jobs were in the private sector which went up by 2.2 percent, or 14,500 jobs while the public sector went up by 2 percent or 3,700 jobs.

Private sector gains were in service industries which added 9,600 jobs and goods-producing industries, such as mining and construction, added 4,900 jobs.

Most of the job gains were in the mining industry which added 3,100 jobs while manufacturing added 900 jobs.

Within the manufacturing sector, non-durable goods manufacturing added 1,000 jobs while durable goods manufacturing went down by 100 jobs.

Durable goods are tangible items that can be stored for at least three years, nondurable goods are those that can be stored for up to three years.

More: Nationwide unemployment rates hold steady in April

The national unemployment rate for April was 3.4 percent which is comparable to March 2023 and April 2022.

Other changes include:

  • Within the private service-providing industries, professional and business services was up 5,200 jobs, or 4.5 percent. 
  • Private education and health services were up 4,400 jobs, or 3.1 percent. 
  • Within the private education and health services industry, health care and social assistance was up 3,400 jobs, or 2.8 percent, and private educational services was up 1,000 jobs, or 4.7 percent. 
  • Leisure and hospitality was up 3,600 jobs, or 3.8 percent. Miscellaneous other services were up 100 jobs, or 0.4 percent. 
  • Trade, transportation, and utilities were down 3,100 jobs, or 2.2 percent. Within this industry, transportation, warehousing, and utilities was down 1,300 jobs, or 4.3 percent; retail trade was down 1,000 jobs, or 1.1 percent; and wholesale trade was down 800 jobs, or 3.9 percent.
  • Employment in financial activities was down 400 jobs, or 1.1 percent. Information was down 200 jobs, or 1.8 percent. 
  • Within the public sector, local government was up 2,800 jobs, or 2.9 percent. Within local government employment, local government education added 2,100 jobs, representing an increase of 4.1 percent. Local government excluding education was up 700 jobs, or 1.5 percent. Employment in the state government was up 400 jobs, or 0.7 percent. 
  • Within the state government, all gains were in state government excluding education, which was up 600 jobs, or 2.0 percent. Stave government education was down 200 jobs, or 0.8 percent. Federal government was up 500 jobs, or 1.7 percent. 

Information provided by the New Mexico Department of Workforce Solutions.