New Mexico’s seasonally adjusted unemployment rate was 3.8% in May, unchanged from the rate in April and up from 3.6 percent in the previous year. The national unemployment rate in May was 4%, up from 3.9% in April and up from 3.7% in May 2023.
Total nonagricultural payroll employment grew by 15,700 jobs, or 1.8%, between May 2023 and May 2024. The majority of gains came from the private sector. The private sector was up 9,000 jobs, or 1.3%, while the public sector was up 6,700 jobs, or 3.6%. Within the private sector, the private service-providing industries were up 8,600 jobs, or 1.5%, while employment in the goods-producing industries was up 400 jobs, or 0.4%, from the level in May 2023.
Within the goods-producing industries, manufacturing was up 900 jobs, or 3.2%. Within manufacturing, durable goods manufacturing was up 600 jobs, or 3.8%. Non-durable goods manufacturing employment was up 300 jobs, or 2.3%. Mining and construction employment decreased by 500 jobs, or 0.7%. The majority of job losses were in mining, which was down 300 jobs, or 1.3%, over the year. Employment in the construction industry contracted by 200 jobs, or 0.4%
Within the private service-providing industries, professional and business services employment increased by 4,900 jobs, or 4.1%. Private education and health services experienced a gain of 3,200 jobs, or 2.2%. Within the industry, private educational services was up 2,300 jobs, or 11.3%, and health care and social assistance was up 900 jobs, or 0.7%.
Miscellaneous other services was up 900 jobs, or 3.2%. Leisure and hospitality was up 900 jobs, or 0.9%. Trade, transportation, and utilities was up 900 jobs, or 0.6%. Within this industry, retail trade was up 1,600 jobs, or 1.7%; wholesale trade was up 300 jobs, or 1.4%; and transportation, warehousing, and utilities was down 1,000 jobs, or 3.4%. Financial activities was up 300 jobs, or 0.8%. Information was down 2,500 jobs, or 22.1%.
Within the public sector, local government was up 4,000 jobs, or 4%. Within local government employment, local government excluding education added 2,700 jobs, representing an increase of 5.6%. Local government education was up 1,300 jobs, or 2.4%. Employment in state government was up 2,700 jobs, or 4.9%. Within state government, the majority of gains were in state government excluding education, which was up 1,600 jobs, or 5.2%. State government education was up 1,100 jobs, or 4.5%. Federal government was unchanged from its employment level in May 2023.
