New Mexico Unemployment Rate In March At 8.3 Percent

NMDWS News:

New Mexico’s seasonally adjusted unemployment rate was 8.3 percent in March, unchanged from the rate in February and up from 5.4 percent in the previous year.

The national unemployment rate in March was 6.0 percent, down from 6.2 percent in February and up from 4.4 percent in March 2020.

Total nonagricultural payroll employment fell by 65,600 jobs, or 7.7 percent, between March 2020 and March 2021. Most losses came from the private sector, which was down 49,900 jobs, or 7.5 percent.

The public sector was down 15,700 jobs, or 8.2 percent. Losses were reported in both components of the private sector. The private service-providing industries were down 37,900 jobs, or 6.8 percent, while the goods-producing industries were down 12,000 jobs, representing a decrease of 11.5 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 18,400 jobs, or 18.9 percent, compared to the previous year.

Employment in mining and construction was down 10,400 jobs, or 13.6 percent. The majority of losses in mining and construction came from mining, which contracted by 7,300 jobs, or 29.2 percent.

Construction employment was down 3,100 jobs, or 6.0 percent, over the year.

Employment in education and health services fell by 4,600 jobs, or 3.2 percent. All losses within the education and health services industry were in health care and social assistance, which was down 3.8 percent. Employment in educational services was unchanged over the year

Trade, transportation, and utilities reported a loss of 3,600 jobs, or 2.7 percent. Within the industry, retail trade was down 2,100 jobs, or 2.4 percent; wholesale trade was down 1,000 jobs, or 4.7 percent; and transportation, warehousing, and utilities was down 500 jobs, or 1.9 percent.

Financial activities was down 3,600 jobs, or 10.2 percent. Professional and business services employment contracted by 3,000 jobs, or 2.7 percent. Information was down 2,400 jobs, or 23.1 percent. Miscellaneous other services employment decreased by 2,300 jobs, or 8.2 percent.

Manufacturing employment decreased by 1,600 jobs, or 5.7 percent. Within this industry, most losses occurred in durable goods manufacturing, which was down 1,500 jobs, or 9.5 percent. Non-durable goods manufacturing employment was down 100 jobs, or 0.8 percent.

Within the public sector, the majority of losses came in local government, which was down 13,900 jobs, or 13.2 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 6,000 jobs, or 11.0 percent. Employment in state government was down 1,500 jobs, or 2.7 percent.

Within state government, all losses came from state government education which was down 2,100 jobs, or 8.2 percent. Employment in state government excluding education was up 600 jobs, or 2.0 percent. Federal government reported a loss of 300 jobs, or 1.0 percent.

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

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.

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