New Mexico’s seasonally adjusted unemployment rate was 3.8 percent in October, up from 3.7 percent in September and up from 3.5 percent in the previous year. The national unemployment rate in October was 3.9 percent, up from 3.8 in September and up from 3.7 percent in October 2022.
Total nonagricultural payroll employment grew by 16,700 jobs, or 1.9 percent, between October 2022 and October 2023. The private sector grew by 7,800 jobs, or 1.2 percent, while the public sector was up 8,900 jobs, or 4.9 percent. The majority of private sector gains were in the goods-producing industries which were up 5,700 jobs, representing an increase of 5.6 percent, while the private service providing industries were up 2,100 jobs, or 0.4 percent.
Within the goods-producing industries, mining and construction employment rose by 5,400 jobs, or 7.4 percent. The majority of gains were within the construction industry, which grew by 3,300 jobs, or 6.5 percent. Mining employment was up 2,100 jobs, or 9.5 percent, over the year. Manufacturing was up 300 jobs, or 1.0 percent. Within manufacturing, non-durable goods manufacturing was up 700 jobs, or 5.0 percent. Durable goods manufacturing employment was down 400 jobs, or 2.5 percent.
Within the private service-providing industries, private education and health services was up 5,300 jobs, or 3.7 percent. Within the private education and health services industry, health care and social assistance was up 4,000 jobs, or 3.3 percent and private educational services was up 1,300 jobs, or 5.9 percent. Leisure and hospitality was up 5,300 jobs, or 5.6 percent.
Professional and business services was down 4,800 jobs, or 4.1 percent. Trade, transportation, and utilities was down 1,700 jobs, or 1.2 percent. Within the industry, a gain of 200 jobs, or 0.7 percent, in transportation, warehousing, and utilities was offset by a loss of 1,400 jobs, or 1.5 percent, in retail trade and a loss of 500 jobs, or 2.4 percent, in wholesale trade. Information was down 1,000 jobs, or 8.9 percent. Employment in financial activities was down 1,200 jobs, or 3.4 percent. Miscellaneous other services was up 200 jobs, or 0.7 percent.
Within the public sector, state government was up 4,400 jobs, or 8.1 percent. Within state government employment, state government education added 4,000 jobs, representing an increase of 16.9 percent. State government excluding education was up 400 jobs, or 1.3 percent.
Employment in local government was up 3,600 jobs, or 3.6 percent. Within local government, both local government excluding education and local government education increased by 1,800 jobs each, or 3.8 percent and 3.5 percent, respectively. Federal government was up 900 jobs, or 3.1 percent.
Further analysis will be provided in the Labor Market Review scheduled for release Dec. 1.
Data can be found online at the following locations: