New Mexico’s seasonally adjusted unemployment rate was 8.3 percent in February, down from 8.7 percent in January and up from 5.3 percent in the previous year.
The national unemployment rate in February was 6.2 percent, down from 6.3 percent in January and up from 3.5 percent in February 2020.
Total nonagricultural payroll employment fell by 79,400 jobs, or 9.2 percent, between February 2020 and February 2021. Most losses came from the private sector, which was down 63,400 jobs, or 9.5 percent.
The public sector was down 16,000 jobs, or 8.4 percent. Losses were reported in both components of the private sector. The private service-providing industries were down 49,800 jobs, or 8.8 percent, while the goods-producing industries were down 13,600 jobs, representing a decrease of 13.0 percent. All major industry sectors experienced over-the-year job losses. Leisure and hospitality continued to report the heaviest employment losses, with a drop of 25,600 jobs, or 26.0 percent, compared to the previous year.
Employment in mining and construction was down 10,900 jobs, or 14.3 percent. The majority of losses in mining and construction came from mining, which contracted by 7,900 jobs, or 31.2 percent. Construction employment was down 3,000 jobs, or 5.9 percent, over the year. Employment in education and health services fell by 6,200 jobs, or 4.4 percent. Within the education and health services industry, health care and social assistance was down 5,100 jobs, or 4.2 percent, while educational services was down 1,100 jobs, or 5.5 percent. Professional and business services employment contracted by 5,400 jobs, or 4.8 percent. Trade, transportation, and utilities reported a loss of 4,200 jobs, or 3.1 percent.
Within the industry, retail trade was down 1,900 jobs, or 2.1 percent; wholesale trade was down 1,500 jobs, or 7.0 percent; and transportation, warehousing, and utilities was down 800 jobs, or 3.1 percent. Financial activities was down 4,100 jobs, or 11.5 percent. Manufacturing employment decreased by 2,700 jobs, or 9.5 percent. Within this industry, most losses occurred in durable goods manufacturing, which was down 2,400 jobs, or 15.1 percent. Non-durable goods manufacturing employment was down 300 jobs, or 2.4 percent. Miscellaneous other services employment decreased by 2,700 jobs, or 9.5 percent.
Information was down 1,600 jobs, or 16.2 percent. Within the public sector, the majority of losses came in local government, which was down 14,100 jobs, or 13.4 percent. Within local government employment, local government excluding education shed 7,900 jobs, representing a loss of 15.5 percent. Local government education was down 6,200 jobs, or 11.5 percent. Employment in state government was down 2,100 jobs, or 3.7 percent. Within state government, all losses came from state government education which was down 2,200 jobs, or 8.7 percent. Employment in state government excluding education was up 100 jobs, or 0.3 percent. Federal government reported a gain of 200 jobs, or 0.7 percent.
Further analysis will be provided in the Labor Market Review scheduled for release April 2. 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.