Local and state unemployment decrease in February

Jobless rate in Feb. at 3.9%, a decrease from 4% to start the year

Unemployment rates in the state and Santa Fe County went down in February from the previous month, a sign that at least some jobless New Mexicans are finding work in the early part of 2024.

Unemployment in New Mexico for February came in at 3.9%, a decrease from an even 4% to start the year, data from the New Mexico Department of Workforce Solutions shows. But that number remains below the benchmarked rate for the previous February of 3.6%.

Santa Fe County, meanwhile, had a nonseasonally adjusted rate of 3.2% in February — decreasing from 3.5% in January, the data shows.

Total nonagricultural payroll in New Mexico, which excludes private household and farm employees, increased by 13,700 jobs year over year, the department said.

New Mexico’s private-sector job gains were 6,300 compared to February 2023, the department said, while public-sector employment was up 7,400.

In the private sector, the mining, logging and construction industries saw jobs increase by 2,300 from last year, including by 700 from January to February. The construction industry increased employment by 1,900 while mining and logging contributed 400 new jobs.

The professional and business services industries continue to prove resilient for public-sector growth, adding 3,200 jobs year over year and 700 since January. The education and health services industries added 2,400 jobs since last year and 1,300 since January.

In the public sector, local government employment saw the largest year-over-year increase at 3,900 jobs, followed by state government at 3,100 jobs and federal at 400 jobs. State employment increased the most from January with 2,800 jobs added, largely boosted by education jobs.

New Mexico’s unemployment rate — tied for 33rd-lowest in the country with Texas, Michigan and Rhode Island — is even with the nation’s February unemployment rate of 3.9%, according to data from the U.S. Bureau of Labor Statistics. North Dakota’s unemployment remains the lowest in the country at 2%, while California’s is the highest at 5.3%.

The state’s seasonally adjusted employment was 930,662 in February; about 38,167 New Mexicans are unemployed, according to state data.