New Mexico’s seasonally adjusted unemployment rate was 5.1 percent in May, down from 5.3 percent in April and down from 7.2 percent in the previous year.
The national unemployment rate in May was 3.6 percent, unchanged from the rate in April and down from 5.8 percent in May 2021. Total nonagricultural payroll employment grew by 38,600 jobs, or 4.8 percent, between May 2021 and May 2022.
The majority of gains came from the private sector, which was up 34,800 jobs, or 5.5 percent. The public sector was up 3,800 jobs, or 2.1 percent. Most private sector gains were in the private service-providing industries, which were up 24,800 jobs, or 4.6 percent, while the goods-producing industries were up 10,000 jobs, representing an increase of 10.8 percent.
Eight major industry sectors reported over-the-year job increases. Leisure and hospitality experienced the largest employment growth with a gain of 13,100 jobs, or 15.5 percent, compared to the previous year. Mining and construction employment rose by 7,600 jobs, or 11.6 percent. The majority of gains were within the construction industry, which grew by 6,300 jobs, or 13.4 percent. Mining employment was up 1,300 jobs, or 7.1 percent, over the year.
Professional and business services was up 4,600 jobs or 4.2 percent. Trade, transportation, and utilities was up 3,600 jobs, or 2.7 percent. Within the trade, transportation, and utilities industry, retail trade was up 1,800 jobs, or 2.0 percent; transportation, warehousing, and utilities was up 1,500 jobs, or 6.0 percent; and wholesale trade was up 300 jobs, or 1.5 percent. Miscellaneous other services, up 9.2 percent, and manufacturing, up 8.9 percent, each added 2,400 jobs.
Within manufacturing, durable goods manufacturing employment was up 1,400 jobs, or 9.4 percent, over the year. Non-durable goods manufacturing was up 1,000 jobs, or 8.2 percent.
Education and health services was up 1,300 jobs, or 0.9 percent. Within the industry, educational services was up 1,500 jobs, or 7.4 percent, and health care and social assistance was down 200 jobs, or 0.2 percent. Information was up 400 jobs, or 4.0 percent. Financial activities was down 600 jobs, or 1.8 percent.
Within the public sector, employment in local government was up 1,800 jobs, or 1.9 percent. Within local government, local government education was up 1,400 jobs, or 2.8 percent, and local government excluding education was up 400 jobs, or 0.9 percent.
State government was up 2,300 jobs, or 4.3 percent. Within state government employment, state government education added 3,000 jobs, representing an increase of 13.4 percent. State government excluding education was down 700 jobs, or 2.3 percent.
Federal government reported a loss of 300 jobs, or 1.0 percent, from its employment level in May 2021.
Further analysis will be provided in the Labor Market Review scheduled for release June 24. Data can be found online at the following locations: https://www.dws.state.nm.us/en-us/Researchers/Data/Employment-Snapshot and www.jobs.state.nm.us/analyzer.