NMDWS News:
The New Mexico Department of Workforce Solutions (NMDWS) has announced that New Mexico’s seasonally adjusted unemployment rate was 3.6 percent in February, up from 3.5 percent in January and down from 5.0 percent in the previous year.
The national unemployment rate in February was 3.6 percent, up from 3.4 percent in January and down from 3.8 percent in February 2022.
Total nonagricultural payroll employment grew by 22,800 jobs, or 2.7 percent, between February 2022 and February 2023. The majority of gains came from the private sector, which was up 18,800 jobs, or 2.9 percent. The public sector was up 4,000 jobs, or 2.2 percent. Most private sector gains were in the private service-providing industries, which were up 12,500 jobs, or 2.2 percent, while the goodsproducing industries were up 6,300 jobs, representing an increase of 6.6 percent.
Within the goods-producing industries, mining and construction employment rose by 5,300 jobs, or 7.8 percent. The majority of gains were within the mining industry, which grew by 2,900 jobs, or 14.5 percent. Construction employment was up 2,400 jobs, or 5.0 percent, over the year. Manufacturing was up 1,000 jobs, or 3.5 percent. Within manufacturing, non-durable goods manufacturing was up 1,100 jobs, or 8.6 percent. Durable goods manufacturing employment was down 100 jobs, or 0.6 percent.
Within the private service-providing industries, leisure and hospitality, up 5.3 percent, professional and business services, up 4.2 percent, and private education and health services, up 3.4 percent, each experienced a gain of 4,800 jobs. Within the private education and health services industry, health care and social assistance was up 4,100 jobs, or 3.5 percent, and private educational services was up 700 jobs, or 3.3 percent. Information was up 500 jobs, or 4.9 percent. Miscellaneous other services was up 300 jobs, or 1.1 percent.
Trade, transportation, and utilities was down 1,900 jobs, or 1.3 percent. Within this industry, transportation, warehousing, and utilities was down 1,000 jobs, or 3.3 percent; retail trade was down 600 jobs, or 0.6 percent; and wholesale trade was down 300 jobs, or 1.5 percent. Employment in financial activities was down 800 jobs, or 2.3 percent.
Within the public sector, local government was up 3,100 jobs, or 3.2 percent. Within local government employment, local government education added 2,400 jobs, representing an increase of 4.7 percent. Local government excluding education was up 700 jobs, or 1.5 percent. Employment in state government was up 700 jobs, or 1.3 percent. Within state government, all gains were in state government excluding education, which was up 800 jobs, or 2.6 percent. Stave government education was down 100 jobs, or 0.4 percent. Federal government was up 200 jobs, or 0.7 percent.
Further analysis will be provided in the Labor Market Review scheduled for release March 31. Data can be found here and here.