New Mexico Unemployment Rate January 2021: 8.7 Percent

NMDWS News:

New Mexico’s seasonally adjusted unemployment rate was 8.7 percent in January 2021, up from 8.6 percent in December 2020 and up from 5.1 percent in the previous year.

The national unemployment rate in January was 6.3 percent, down from 6.7 percent in December and up from 3.5 percent in January 2020.

  • Total nonagricultural payroll employment fell by 86,700 jobs, or 10.1 percent, between January 2020 and January 2021.
  • Most losses came from the private sector, which was down 71,100 jobs, or 10.6 percent.
  • The public sector was down 15,600 jobs, or 8.4 percent.

Losses were reported in both components of the private sector:

  • The private service-providing industries were down 56,200 jobs, or 10.0 percent, while the goods-producing industries were down 14,900 jobs, representing a decrease of 14.3 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 29,600 jobs, or 30.1 percent, compared to the previous year.
  • Employment in mining and construction was down 11,700 jobs, or 15.4 percent. The majority of losses in mining and construction came from mining, which contracted by 8,000 jobs, or 32.0 percent.
  • Construction employment was down 3,700 jobs, or 7.3 percent, over the year.
  • Employment in education and health services fell by 7,100 jobs, or 5.0 percent. Within the education and health services industry, health care and social assistance was down 5,500 jobs, or 4.5 percent, while educational services was down 1,600 jobs, or 8.0 percent.
  • Trade, transportation, and utilities was down 6,500 jobs, or 4.7 percent. Within the industry, wholesale trade was down 2,300 jobs, or 10.8 percent; retail trade was down 2,200 jobs, or 2.5 percent; and transportation, warehousing, and utilities was down 2,000 jobs, or 7.6 percent. Professional and business services employment contracted by 4,700 jobs, or 4.2 percent.
  • Manufacturing employment decreased by 3,200 jobs, or 11.2 percent. Within this industry, most losses occurred in durable goods manufacturing, which was down 2,600 jobs, or 16.4 percent. Non-durable goods manufacturing employment was down 600 jobs, or 4.7 percent.
  • Financial activities reported a loss of 3,900 jobs, or 10.9 percent.
  • Information was down 2,700 jobs, or 24.5 percent.
  • Miscellaneous other services employment decreased by 1,700 jobs, or 6.0 percent.
  • Within the public sector, the majority of losses came in local government, which was down 14,100 jobs, or 13.5 percent. Within local government employment, local government excluding education shed 8,000 jobs, representing a loss of 15.7 percent.
  • Local government education was down 6,100 jobs, or 11.5 percent.
  • Employment in state government was down 1,700 jobs, or 3.2 percent. Within state government, the majority of losses came from state government education which was down 1,600 jobs, or 7.4 percent.
  • Employment in state government excluding education was down 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 March 22.

Data can be found online here and www.jobs.state.nm.us/analyzer.

This month’s estimates incorporate annual revisions, which are the result of the Bureau of Labor Statistics’ annual benchmarking, in which the Current Employment Statistics estimates are anchored more closely to employment reported in the Quarterly Census of Employment and Wages.

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