New Mexico Unemployment Rate Was 9.2% In May 2020

NMDWS News:

New Mexico’s seasonally adjusted unemployment rate was 9.2 percent in May 2020, down from 11.9 percent in April and up from 4.9 percent the previous year.

The national unemployment rate in May was 13.3 percent, down from 14.7 percent in April and up from 3.6 percent in May 2019.

Total nonagricultural payroll employment fell by 88,100 jobs, or 10.3 percent, between May 2019 and May 2020. The over-the-year decline in May was not as heavy as April’s decrease, which was the largest in the history of the series.

Losses came from both the public and the private sector:

  • The private sector was down 84,600 jobs, or 12.6 percent; and
  • The public sector was down 3,500 jobs, or 1.8 percent.

Losses were reported in both components of the private sector. The private service-providing industries were down 76,300 jobs, or 13.5 percent, while the goods-producing industries were down 8,300 jobs, representing a decrease of 8.0 percent.

All nine major industry sectors experienced over-the-year job losses, though in six industries these were less severe than losses in April.

Leisure and hospitality continued to report the heaviest employment losses, with a drop of 37,900 jobs, or 37.8 percent, compared to the previous year.

Trade, transportation, and utilities was down 10,300 jobs, or 7.6 percent. Within the industry, retail trade employment decreased by 8,200 jobs, or 9.2 percent; transportation, warehousing, and utilities was down 2,200 jobs, or 8.6 percent; and wholesale trade was up 100 jobs, or 0.5 percent.

Employment in education and health services fell by 9,800 jobs, or 6.9 percent. Within this industry, health care and social assistance was down 7,900 jobs, or 6.6 percent, while educational services was down 1,900 jobs, or 8.8 percent. Professional and business services employment was down 9,000 jobs, or 8.1 percent.

Miscellaneous other services employment decreased by 5,300 jobs, or 18.3 percent. Employment in mining and construction was down 4,400 jobs, or 5.8 percent.

All losses in mining and construction came from mining, which contracted by 5,600 jobs, or 21.6 percent. Construction employment was up 1,200 jobs, or 2.4 percent, over the year.

Manufacturing employment was down 3,900 jobs, or 13.7 percent, from its May 2019 level. Within this industry, durable goods manufacturing was down 3,100 jobs, or 19.6 percent, and non-durable goods manufacturing was down 800 jobs, or 6.3 percent. Information, down 17.7 percent, and financial activities, down 5.6 percent, each reported a loss of 2,000 jobs.

Within the public sector, all aggregate job losses came in local government, which was down 4,700 jobs, or 4.5 percent.

Within local government employment, local government education shed 2,900 jobs, representing a loss of 5.3 percent. Local government excluding education was down 1,800 jobs, or 3.5 percent. Federal government reported a gain of 800 jobs, or 2.7 percent.

Employment in state government was up 400 jobs, or 0.7 percent. Within state government, all gains came from state government excluding education which was up 1,000 jobs, or 3.2 percent. State government education was down 600 jobs, or 2.5 percent.

Further analysis will be provided in the Labor Market Review scheduled for release June 26.

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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