New Mexico Unemployment Rate 4.4% In August 2022

NMDWS News:

New Mexico’s seasonally adjusted unemployment rate was 4.4 percent in August, down from 4.5 percent in July and down from 6.8 percent in the previous year.

The national unemployment rate in August was 3.7 percent, up from 3.5 percent in July and down from 5.2 percent in August 2021.

Total nonagricultural payroll employment grew by 28,400 jobs, or 3.4 percent, between August 2021 and August 2022. The majority of gains came from the private sector, which was up 26,700 jobs, or 4.1 percent. The public sector was up 1,700 jobs, or 1.0 percent. Most private sector gains were in the private service-providing industries, which were up 16,600 jobs, or 3.0 percent, while the goodsproducing industries were up 10,100 jobs, representing an increase of 10.6 percent.

Within the goods-producing industries, mining and construction employment rose by 8,100 jobs, or 12.1 percent. The majority of gains were within the construction industry, which grew by 6,300 jobs, or 13.1 percent. Mining employment was up 1,800 jobs, or 9.5 percent, over the year. Manufacturing was up 2,000 jobs, or 7.2 percent. Within manufacturing, durable goods manufacturing employment was up 1,300 jobs, or 8.6 percent, over the year. Non-durable goods manufacturing was up 700 jobs, or 5.5 percent.

Within the private service providing industries, leisure and hospitality experienced a gain of 7,600 jobs, or 8.1 percent. Education and health services was up 4,600 jobs, or 3.3 percent. Within the industry, educational services was up 3,000 jobs, or 16.8 percent, and health care and social assistance was up 1,600 jobs, or 1.3 percent. Professional and business services was up 3,600 jobs or 3.2 percent. Trade, transportation, and utilities was up 3,700 jobs, or 2.7 percent.

Within this industry, retail trade was up 2,400 jobs, or 2.7 percent; transportation, warehousing, and utilities was up 1,000 jobs, or 4.0 percent; and wholesale trade was up 300 jobs, or 1.5 percent. Miscellaneous other services was up 400 jobs, or 1.4 percent. Employment in information and financial activities declined from August 2021; information was down 2,500 jobs, or 19.5 percent, while financial activities was down 800 jobs, or 2.4 percent.

Within the public sector, state government was up 1,100 jobs, or 2.2 percent. Within state government employment, state government education added 1,500 jobs, representing an increase of 7.8 percent. State government excluding education was down 400 jobs, or 1.3 percent. Federal government was down 100 jobs, or 0.3 percent, from last year’s level.

Employment in local government was down 700 jobs, or 0.7 percent. Within local government, local government excluding education was up 400 jobs, or 0.9 percent, and local government education employment increased by 300, or 0.6 percent, from last year.

Further analysis will be provided in the Labor Market Review scheduled for release Sept. 23.

Data can be found online here.

LOS ALAMOS

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