Economic Update July 16, 2021
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
July 16, 2021
New Mexico’s seasonally adjusted unemployment rate was 7.9 percent in June, unchanged from the rate in May and down from 9.8 percent in the previous year. The national unemployment rate in June was 5.9 percent, up from 5.8 percent in May and down from 11.1 percent in June 2020.
Total nonagricultural payroll employment grew by 32,100 jobs, or 4.2 percent, between June 2020 and June 2021. All gains came from the private sector, which was up 36,000 jobs, or 6.0 percent. The public sector was down 3,900 jobs, or 2.2 percent. Most private sector gains were in the private service-providing industries, which were up 33,700 jobs, or 6.7 percent, while the goods-producing industries were up 2,300 jobs, representing an increase of 2.5 percent.
Seven major industry sectors reported over-the-year job increases. Leisure and hospitality experienced the largest employment growth with a gain of 16,800 jobs, or 22.6 percent, compared to the previous year. Trade, transportation, and utilities reported an increase of 7,100 jobs, or 5.5 percent. Within the industry, retail trade was up 3,700 jobs, or 4.4 percent; transportation, warehousing, and utilities was up 2,700 jobs, or 11.3 percent; and wholesale trade was up 700 jobs, or 3.5 percent. Employment in education and health services expanded by 6,000 jobs, or 4.7 percent. Within the education and health services industry, health care and social assistance was up 3,500 jobs, or 3.1 percent, and educational services was up 2,500 jobs, or 17.0 percent. Professional and business services employment grew by 4,900 jobs, or 4.7 percent. Manufacturing employment rose by 1,500 jobs, or 5.7 percent. Within this industry, the majority of gains occurred in non-durable goods manufacturing, which was up 1,400 jobs, or 12.1 percent. Durable goods manufacturing employment was up 100 jobs, or 0.7 percent, over the year. Employment in mining and construction was up 800 jobs, or 1.2 percent. All gains were within the construction industry, which grew by 1,600 jobs, or 3.4 percent. Mining employment was down 800 jobs, or 4.4 percent, over the year. Information was up 500 jobs, or 6.5 percent.
Employment in financial activities was down 1,300 jobs, or 3.8 percent. Miscellaneous other services employment decreased by 300 jobs, or 1.1 percent.
Within the public sector, most losses came in local government, which was down 4,900 jobs, or 5.3 percent. Within local government employment, local government education shed 3,100 jobs, representing a loss of 6.7 percent. Local government excluding education was down 1,800 jobs, or 3.8 percent. Federal government reported a loss of 200 jobs, or 0.7 percent, from its employment level in June 2020. Employment in state government was up 1,200 jobs, or 2.4 percent. Within state government, state government education, up 3.0 percent, and state government excluding education, up 2.0 percent, each added 600 jobs.
Further analysis will be provided in the Labor Market Review scheduled for release on July 23.
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.