New Mexico unemployment rate at 4 percent, 15,500 jobs added

The New Mexico Department of Workforce Solutions announced Monday that the state maintained a 4 percent unemployment rate in January, the same as it was in December 2023, but higher than in January of 2023 when the unemployment rate was 3.4 percent. This is similar to surrounding states such as Texas which also has a […]

New Mexico unemployment rate at 4 percent, 15,500 jobs added

The New Mexico Department of Workforce Solutions announced Monday that the state maintained a 4 percent unemployment rate in January, the same as it was in December 2023, but higher than in January of 2023 when the unemployment rate was 3.4 percent.

This is similar to surrounding states such as Texas which also has a 4 percent unemployment rate, Arizona with a 4.3 percent unemployment rate with Colorado and Oklahoma both with 3.4 percent unemployment rates, according to the NMDWS.

The total nonagricultural payroll employment grew by 15,500 jobs between January 2023 and January 2024. Most of those gains came in the private sector which added 9,000 jobs while the public sector added 6,500 jobs in that time, according to the NMDWS.

Private sector job gains included 3,400 additional jobs in the professional and business services industry; private education and health services adding 2,100 jobs; healthcare and social assistance industries adding 1,800 jobs and private educational services adding 300 jobs.

The trade, transportation and utilities industries added 1,300 jobs including 2,700 jobs added in retail; transportation, warehousing and utilities lost 1,100 jobs, wholesale trade lost 300 jobs and leisure and hospitality added 1,100 jobs.

Public sector job gains included 3,700 jobs added in local government including 2,100 non-education positions and local government education added 1,600 jobs.

State government added 2,100 jobs where most of the gains were in non-education positions which added 1,600 jobs while state education added 500 jobs. 

The federal government added 700 jobs between January 2023 and January 2024.

The current federal unemployment rate is 3.9 percent, according to the U.S. Bureau of Labor Statistics.

For more information about the unemployment situation in New Mexico visit the NMDWS Labor Analysis Statistics and Economic Research page.

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