New Mexico’s seasonally adjusted unemployment rate was 3.8 percent in March, down from 3.9 percent in February and up from 3.6 percent in the previous year. The national unemployment rate in March was 3.8 percent, down from 3.9 percent in February and up from 3.5 percent in March 2023.
Total nonagricultural payroll employment grew by 18,100 jobs, or 2.1 percent, between March 2023 and March 2024. The majority of gains came from the private sector, which was up 11,300 jobs, or 1.7 percent. The public sector was up 6,800 jobs, or 3.7 percent. Within the private sector gains, the private service-providing industries were up 8,500 jobs, or 1.5 percent, while the goods-producing industries were up 2,800 jobs, representing an increase of 2.7 percent.
Within the goods-producing industries, mining and construction employment rose by 2,100 jobs, or 2.8 percent. The majority of gains were within the construction industry, which was up 1,700 jobs, or 3.3 percent, over the year. Mining employment grew by 400 jobs, or 1.7 percent. Manufacturing was up 700 jobs, or 2.5 percent. Within manufacturing, durable goods manufacturing was up 400 jobs, or 2.5 percent. Non-durable goods manufacturing employment was up 300 jobs, or 2.4 percent.
Within the private service-providing industries, professional and business services employment increased by 5,100 jobs, or 4.3 percent. Private education and health services experienced a gain of 3,200 jobs, or 2.2 percent. Within the industry, health care and social assistance was up 2,800 jobs, or 2.3 percent, and private educational services was up 400 jobs, or 1.8 percent. Miscellaneous other services was up 1,100 jobs, or 4.0 percent. Trade, transportation, and utilities was up 500 jobs, or 0.3 percent. Within this industry, retail trade was up 1,500 jobs, or 1.6 percent; wholesale trade was up 100 jobs, or 0.5 percent; and transportation, warehousing, and utilities was down 1,100 jobs, or 3.7 percent. Leisure and hospitality was up 400 jobs, or 0.4 percent. Financial activities was up 300 jobs, or 0.8 percent. Information was down 2,100 jobs, or 19.6 percent.
Within the public sector, local government was up 3,800 jobs, or 3.8 percent. Within local government employment, local government excluding education added 2,200 jobs, representing an increase of 4.6 percent. Local government education was up 1,600 jobs, or 3.0 percent. Employment in state government was up 2,600 jobs, or 4.7 percent. Within state government, the majority of gains were in state government education, which was up 1,500 jobs, or 6.1 percent. State government excluding education was up 1,100 jobs, or 3.5 percent. Federal government was up 400 jobs, or 1.4 percent.
Further analysis will be provided in the Labor Market Review scheduled for release on April 26.
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/.
Link: https://www.dws.state.nm.us/Portals/0/DM/LMI/Monthly_Employment_Release-03-2024.pdf