Unemployment rate in New Mexico 4.3% in October 2022

NMDWS News:

New Mexico’s seasonally adjusted unemployment rate was 4.3 percent in October, up 4.2 percent in September and down from 6.1 percent a year earlier.

The national unemployment rate was 3.7 percent in October, up from 3.5 percent in September and down from 4.6 percent in October 2021.

Total non-farm employment increased by 24,800 jobs, or 3.0 percent, between October 2021 and October 2022. Most of the gains came from the private sector, which added 22,500 jobs, or 3.4 percent.

The public sector added 2,300 jobs, or 1.3 percent. Most of the private sector gains were in private service industries, which added 12,900 jobs, or 2.3 percent, while manufacturing industries added 9,600 jobs, an increase of 10.0 percent.

Within manufacturing industries, employment in mining and construction rose by 8,300 jobs, or 12.3 percent. Most of the growth was in the construction industry, which grew by 5,500 jobs or 11.2 percent. Mining employment increased by 2,800 jobs, or 15.1 percent, during the year. Manufacturing grew by 1,300 jobs, or 4.5 percent. Within manufacturing, employment in durable goods manufacturing rose by 700 jobs, or 4.4 percent, over the year. Consumer goods manufacturing added 600 jobs, or 4.7 percent.

Within the private service industries, education and health services saw an increase of 5,600 jobs, or 4.0 percent. Within the industry, health and social care increased by 3,600 jobs, or 3.0 percent, and education services by 2,000 jobs, or 9.3 percent.

The leisure and hospitality sector increased by 4,400 jobs, or 4.7 percent. Professional and business services grew by 1,900 jobs, or 1.7 percent. Other services increased by 1,600 jobs or 6.0 percent.

Trade, transport and utilities rose by 600 jobs, or 0.4 percent. Within that industry, retail rose 700 jobs, or 0.8 percent, and transportation, warehousing and utilities fell 100 jobs, or 0.4 percent. Employment in wholesale remained unchanged compared to the previous year. Information rose 100 digits, or 1.0 percent. Financial activities declined as of October 2021. Employment in the industry fell by 1,300 jobs or 3.8 percent.

Within the public sector, local government has added 1,600 jobs, or 1.7 percent. In local government employment, local government added 1,100 jobs, an increase of 2.2 percent. Local government without education added 500 jobs, or 1.1 percent. Employment in the state government rose by 800 jobs or 1.4 percent. Within the state government, state education rose 900 jobs, or 3.7 percent, and state government employment without education fell 100 jobs, or 0.3 percent, from a year earlier. The federal government cut 100 jobs or 0.3 percent compared to the previous year.

Further analysis will be provided in the Labor Market Review, due for publication on December 2nd.

Data can be found online here and here.

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