New Mexico’s seasonally adjusted unemployment rate was 3.7 percent in August, up from 3.6 percent in July and up from 3.4 percent in the previous year.
The national unemployment rate in August was 3.8 percent, up from 3.5 percent in July and up from 3.7 percent in August 2022.
Total nonagricultural payroll employment grew by 16,600 jobs, or 2.0 percent, between August 2022 and August 2023. The majority of gains came from the private sector, which was up 11,800 jobs, or 1.7 percent. The public sector was up 4,800 jobs, or 2.7 percent.
The majority of private sector gains were in the goods-producing industries which were up 7,200 jobs, representing an increase of 7.1 percent, while the private service-providing industries were up 4,600 jobs, or 0.8 percent. Within the goods-producing industries, mining and construction employment rose by 6,200 jobs, or 8.7 percent. The majority of gains were within the construction industry, which grew by 3,900 jobs, or 7.8 percent. Mining employment was up 2,300 jobs, or 10.6 percent, over the year. Manufacturing was up 1,000 jobs, or 3.4 percent. Within manufacturing, non-durable goods manufacturing was up 900 jobs, or 6.6 percent. Durable-goods manufacturing employment was up 100 jobs, or 0.6 percent.
Within the private service-providing industries, private education and health services was up 6,800 jobs, or 4.9 percent. Within the private education and health services industry, health care and social assistance was up 4,100 jobs, or 3.4 percent and private educational services was up 2,700 jobs, or 14.5 percent. Leisure and hospitality was up 4,600 jobs, or 4.7 percent.
Professional and business services was down 2,700 jobs, or 2.3 percent. Trade, transportation, and utilities was down 1,900 jobs, or 1.3 percent. Within the industry, a gain of 200 jobs, or 0.7 percent, in transportation, warehousing, and utilities was offset by a loss of 1,600 jobs, or 1.7 percent, in retail trade and a loss of 500 jobs, or 2.4 percent, in wholesale trade. Miscellaneous other services was down 1,000 jobs, or 3.4 percent. Employment in financial activities was down 800 jobs, or 2.3 percent. Information was down 400 jobs, or 3.5 percent.
Within the public sector, state government was up 2,600 jobs, or 5.1 percent. Within state government employment, state government education added 1,800 jobs, representing an increase of 9.0 percent. State government excluding education was up 800 jobs, or 2.6 percent. Employment in local government was up 1,300 jobs, or 1.3 percent. Within local government, a loss of 500 jobs, or 1.0 percent, in local government education was offset by a gain of 1,800 jobs, or 3.8 percent, in local government excluding education. Federal government was up 900 jobs, or 3.1 percent.
Further analysis will be provided in the Labor Market Review scheduled for release Sept. 26.
Data can be found online at the following locations: