New Mexico unemployment falls in March to 3.8%
The employment picture is improving for New Mexico. The state’s seasonally adjusted unemployment rate was 3.8% in March, down from 3.9% in February, though it was up from 3.6% a year prior. That’s according to data from the New Mexico Department of Workforce Solutions.
The 3.8% unemployment figure for March is close to the national unemployment rate, which was 3.8%.
Within the state’s public sector, local government was up 3,800 jobs, or 3.8%. Employment in state government was also up 2,600 jobs, or 4.7%.
New Mexico is close to its alltime unemployment rate low, which was 3.4% in August 2022.
Among all states, New Mexico was tied for the 18th-highest unemployment rate in the country with Arizona and Ohio.
Among New Mexico counties, at 12.8%, Luna County had New Mexico’s highest unemployment rate and Los Alamos County had the lowest a 1.3%.
For cities, at 2.7%, the Santa Fe metropolitan statistical area had the lowest non-seasonally adjusted unemployment rate, while Albuquerque had a rate of 2.9%. Las Cruces had the highest unemployment rate with 4.2% followed by Farmington, 3.7%.
In the broader region, unemployment in Texas was at 3.9%, Arizona 3.8% and California 5.3%.
Most decreases
Meanwhile, WalletHub reported on Thursday that New Mexico’s unemployment claims for the week before were 13.43% lower than the previous week’s. That put the state in 10th place for the most reduction in unemployment for the week. Compare that to Texas, which ranked 26th in WalletHub’s analysis, and Arizona, which ranked 34th.
WalletHub’s methodology was to compare the 50 states and the District of Columbia based on changes in initial claims for unemployment insurance in several key weeks.
A spokesman for New Mexico’s governor said the unemployment numbers send a message about the path the state is on.
“This data that shows New Mexico adding jobs and reducing unemployment to a near-record low is yet another indication that our state’s economy is on the right track,” said Michael Coleman, communications director for Gov. Michelle Lujan Grisham. “Gov. Lujan Grisham will continue to advocate for policies that encourage job growth, raise household income and improve quality of life for all New Mexicans.”