Economic Update November 20, 2020
FOR MORE INFORMATION:
Contact: Stacy Johnston (505) 250-3926
New Mexico Department of Workforce Solutions
Office of the Secretary
Economic Research & Analysis Bureau
PO Box 1928, Albuquerque, NM 87103
November 20, 2020
New Mexico’s seasonally adjusted unemployment rate was 8.1 percent in October 2020, down from 9.9 percent in September and up from 4.8 percent in the previous year. The national unemployment rate in October was 6.9 percent, down from 7.9 percent in September and up from 3.6 percent in October 2019.
Total nonagricultural payroll employment fell by 54,700 jobs, or 6.3 percent, between October 2019 and October 2020. Most losses came from the private sector, which was down 52,400 jobs, or 7.8 percent. The public sector was down 2,300 jobs, or 1.2 percent. Losses were reported in both components of the private sector. The private service-providing industries were down 39,700 jobs, or 7.0 percent, while the goods-producing industries were down 12,700 jobs, representing a decrease of 11.8 percent.
All major industry sectors experienced over-the-year job losses. Leisure and hospitality continued to report the heaviest employment losses, with a drop of 20,200 jobs, or 20.8 percent, compared to the previous year. Employment in mining and construction was down 10,800 jobs, or 13.8 percent. The majority of losses in mining and construction came from mining, which contracted by 7,500 jobs, or 29.0 percent. Construction employment was down 3,300 jobs, or 6.3 percent, over the year. Employment in education and health services fell by 7,300 jobs, or 5.1 percent. Within this industry, health care and social assistance was down 4,400 jobs, or 3.6 percent, while educational services was down 2,900 jobs, or 13.1 percent. Professional and business services employment was down 3,900 jobs, or 3.5 percent. Miscellaneous other services employment decreased by 2,400 jobs, or 8.5 percent. Trade, transportation, and utilities was down 2,300 jobs, or 1.7 percent. Within the industry, transportation, warehousing, and utilities was down 2,900 jobs, or 11.1 percent; retail trade was up 1,200 jobs, or 1.3 percent; and wholesale trade was down 600 jobs, or 2.8 percent. Financial activities reported a loss of 2,100 jobs, or 5.9 percent. Manufacturing employment decreased by 1,900 jobs, or 6.5 percent. Within this industry, all losses occurred in durable goods manufacturing, which was down 2,100 jobs, or 13.0 percent. Non-durable goods manufacturing employment was up 200 jobs, or 1.5 percent. Information was down 1,500 jobs, or 13.3 percent.
Within the public sector, all losses came in local government, which was down 7,000 jobs, or 6.6 percent. Within local government employment, local government education shed 4,600 jobs, representing a loss of 8.4 percent. Local government excluding education was down 2,400 jobs, or 4.7 percent. Employment in state government was up 3,400 jobs, or 5.9 percent. Within state government, the majority of gains came from state government education which was up 3,300 jobs, or 12.5 percent. Employment in state government excluding education was up 100 jobs, or 0.3 percent. Federal government reported a gain of 1,300 jobs, or 4.4 percent.
Further analysis will be provided in the Labor Market Review scheduled for release on December 4.
Data can be found online at the following locations: www.dws.state.nm.us (under “Labor Market Information/Data, Statistics & Dashboards”) and www.jobs.state.nm.us/analyzer.