NMDWS News:
The New Mexico Department of Workforce Solutions (NMDWS) has issued the unemployment data for July 2024.
New Mexico’s seasonally adjusted unemployment rate was 4.0 percent in July, up from 3.9 percent in June and up from 3.7 percent in the previous year.
The national unemployment rate in July was 4.3 percent, up from 4.1 percent in June and up from 3.5 percent in July 2023.
Total nonagricultural payroll employment grew by 19,200 jobs, or 2.2 percent, between July 2023 and July 2024. The majority of gains came from the private sector.
The private sector was up 15,700 jobs, or 2.3 percent, while the public sector was up 3,500 jobs, or 2.0 percent. Within the private sector, the private service-providing industries were up 12,800 jobs, or 2.2 percent, while employment in the goods-producing industries was up 2,900 jobs, or 2.7 percent, from the level in July 2023.
Within the goods-producing industries, manufacturing was up 1,800 jobs, or 6.3 percent. Within manufacturing, durable goods manufacturing was up 1,500 jobs, or 9.7 percent. Non-durable goods manufacturing employment was up 300 jobs, or 2.3 percent.
Mining and construction employment increased by 1,100 jobs, or 1.4 percent. All job gains were in construction, which was up 1,200 jobs, or 2.2 percent, over the year. Employment in the mining industry decreased by 100 jobs, or 0.4 percent. Within the private service-providing industries, leisure and hospitality employment increased by 4,300 jobs, or 4.2 percent.
Private education and health services experienced a gain of 3,900 jobs, or 2.8 percent. Within the industry, health care and social assistance was up 2,600 jobs, or 2.1 percent, and private educational services was up 1,300 jobs, or 7.1 percent.
Professional and business services was up 2,800 jobs, or 2.3 percent. Trade, transportation, and utilities was up 1,600 jobs, or 1.1 percent. Within this industry, retail trade was up 2,500 jobs, or 2.7 percent; wholesale trade was up 100 jobs, or 0.5 percent; and transportation, warehousing, and utilities was down 1,000 jobs, or 3.4 percent.
Miscellaneous other services was up 1,100 jobs, or 3.8 percent. Financial activities was up 100 jobs, or 0.3 percent. Information was down 1,000 jobs, or 10.2 percent.
Within the public sector, state government was up 2,400 jobs, or 4.8 percent. Within state government employment, state government excluding education added 1,500 jobs, representing an increase of 4.8 percent. State government education was up 900 jobs, or 4.9 percent. Employment in local government was up 1,200 jobs, or 1.3 percent. Within local government, all gains were in local government excluding education, which was up 2,500 jobs, or 5.0 percent. Local government education was down 1,300 jobs, or 2.9 percent.
Federal government was down 100 jobs, or 0.3 percent, from its employment level in July 2023.
Further analysis will be provided in the Labor Market Review scheduled for release on Aug. 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/
About NMDWS:
The New Mexico Department of Workforce Solutions (NMDWS) oversees the New Mexico public workforce system. The department is committed to supporting the business community and assisting New Mexicans seeking employment opportunities by bridging the link between employer needs and the skilled workforce. The department administers programs to include business services; workforce training; Unemployment Insurance; labor law enforcement; veterans’ services; and labor market information.