New Mexico Unemployment Rate 8 Percent In May 2021

NMDWS News:

New Mexico’s seasonally adjusted unemployment rate was 8.0 percent in May, down from 8.1 percent in April and down from 10.0 percent in the previous year.

The national unemployment rate in May was 5.8 percent, down from 6.1 percent in April and down from 13.3 percent in May 2020.

Total nonagricultural payroll employment grew by 39,900 jobs, or 5.2 percent, between May 2020 and May 2021. All gains came from the private sector, which was up 43,000 jobs, or 7.4 percent. The public sector was down 3,100 jobs, or 1.7 percent.

All private sector gains were in the private service-providing industries, which were up 44,800 jobs, or 9.2 percent, while the goods-producing industries were down 1,800 jobs, representing a decrease of 1.9 percent.

Seven major industry sectors reported over-the-year job increases. Leisure and hospitality experienced the largest employment growth with a gain of 24,200 jobs, or 38.2 percent, compared to the previous year.

Trade, transportation, and utilities reported an increase of 10,400 jobs, or 8.4 percent. Within the industry, retail trade was up 8,200 jobs, or 10.4 percent; transportation, warehousing, and utilities was up 1,500 jobs, or 6.2 percent; and wholesale trade was up 700 jobs, or 3.5 percent.

Employment in education and health services expanded by 5,200 jobs, or 4.0 percent. Most gains within the education and health services industry were in health care and social assistance, which was up 5,000 jobs, or 4.4 percent. Employment in educational services was up 200 jobs, or 1.1 percent, over the year.

Professional and business services employment grew by 3,900 jobs, or 3.8 percent. Miscellaneous other services employment increased by 2,200 jobs, or 9.2 percent. Manufacturing employment rose by 1,500 jobs, or 5.9 percent. Within this industry, the majority of gains occurred in non-durable goods manufacturing, which was up 1,300 jobs, or 11.5 percent.

Durable goods manufacturing employment was up 200 jobs, or 1.4 percent over the year. Information was up 100 jobs, or 1.3 percent.

Employment in mining and construction was down 3,300 jobs, or 4.8 percent. The majority of losses in mining and construction came from mining, which contracted by 2,800 jobs, or 13.9 percent. Construction employment was down 500 jobs, or 1.0 percent, over the year. Financial activities was down 1,200 jobs, or 3.5 percent.

Within the public sector, all losses came in local government, which was down 4,000 jobs, or 4.1 percent. Within local government employment, local government excluding education shed 2,400 jobs, representing a loss of 5.2 percent. Local government education was down 1,600 jobs, or 3.2 percent. Employment in state government was up 800 jobs, or 1.5 percent.

Within state government, state government excluding education was up 500 jobs, or 1.7 percent. Employment in state government education was up 300 jobs, or 1.3 percent. Federal government reported a gain of 100 jobs, or 0.3 percent, from its employment level in May 2020.

Further analysis will be provided in the Labor Market Review scheduled for release June 30.

Data can be found online:

https://www.dws.state.nm.us/en-us/Researchers/Data/Employment-Snapshot and www.jobs.state.nm.us/analyzer.

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