New Mexico unemployment steadily decreasing

New Mexico’s unemployment rate has been on the decline for over a year now, according to the New Mexico Department of Workforce Solutions (NMDWS).

In its latest report, published last month, the department reported that unemployment clocked in at 3.9 percent in December, a decrease from 4.1 in November and 5.9 in December 2021. Regardless, New Mexico’s unemployment rate is still moderate at 3.9 percent, ranked 31st in the nation, according to the U.S. Bureau of Labor Statistics.

Also according to the NMDWS, New Mexico is leading the nation in change in unemployment rates, decreasing by 1.8 percent during December 2022.

Taos County has seen a decline in unemployment by 2.3 percent, although the unemployment rate remains moderate at 4.3 percent.

Between December 2021 and December 2022, New Mexico’s employment options grew only by 2.3 percent, the lowest among other states in the Southwest.

According to the NMDWS, the highest-paying industry in Taos County is the management of companies and enterprises with a weekly average wage of $1,421, while the lowest-paid industry is accommodation and food services, with a weekly average wage of $467. Taos County has an average weekly wage of $789.

The industry with the highest job growth in New Mexico is natural resources, mining and construction, with 6.2 percent, or 4,300 jobs, in December 2022. The majority of gains were within the construction industry, which grew by 5 percent, or 2,500 jobs. Mining employment was up 9.4 percent, or 1,800 jobs, over the year.

Total nonagricultural payroll employment in the state grew by 19,300 jobs, or 2.3 percent, between December 2021 and December 2022. The majority of gains came from the private sector, which was up 16,000 jobs, or 2.4 percent. The public sector was up 3,300 jobs, or 1.8 percent. Most private sector gains were in the private service-providing industries, which were up 11,000 jobs, or 2 percent, while the goods-producing industries were up 5,000 jobs, an increase of 5.1 percent.

Education and health services, the industry with the largest employment in the state, grew 4.4 percent, or 6,200 jobs, in December. Within the industry, health care and social assistance was up 4,600 jobs, or 3.9 percent, and educational services was up 1,600 jobs, or 7.4 percent. This field is expected to grow by 16.8 percent, or 22,410 new jobs, by 2030.

Leisure and hospitality was up 5,000 jobs, or 5.3 percent. Employment in professional and business services increased by 2,800 jobs, or 2.5 percent. Miscellaneous other services were up 1,000 jobs, or 3.8 percent. Trade, transportation, and utilities decreased by 3,200 jobs, or 2.2 percent. Within this industry, retail trade was down 2,200 jobs, or 2.3 percent.

Within the public sector, local government was up 2,800 jobs, or 2.9 percent. Within local government employment, local government education added 1,800 jobs, representing an increase of 3.5 percent. Local government excluding education was up 1,000 jobs, or 2.2 percent. Employment in the state government was up 500 jobs, or 0.9 percent. Within the state government, all gains were in state government education, which was up 2 percent.

More data can be found at dws. state.nm.us/en-us/ under the researchers tab.