Economic Update January 26, 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
January 26, 2021
New Mexico’s seasonally adjusted unemployment rate was 8.2 percent in December 2020, up from 7.2 percent in November and up from 4.8 percent in the previous year. The national unemployment rate in December was 6.7 percent, unchanged from the rate in November and up from 3.6 percent in December 2019.
Total nonagricultural payroll employment fell by 65,100 jobs, or 7.5 percent, between December 2019 and December 2020. Most losses came from the private sector, which was down 62,600 jobs, or 9.3 percent. The public sector was down 2,500 jobs, or 1.3 percent. Losses were reported in both components of the private sector. The private service-providing industries were down 50,300 jobs, or 8.9 percent, while the goods-producing industries were down 12,300 jobs, representing a decrease of 11.6 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 29,100 jobs, or 30.4 percent, compared to the previous year. Employment in mining and construction was down 9,700 jobs, or 12.5 percent. The majority of losses in mining and construction came from mining, which contracted by 7,200 jobs, or 28.0 percent. Construction employment was down 2,500 jobs, or 4.8 percent, over the year. Employment in education and health services fell by 7,200 jobs, or 5.0 percent. Within the education and health services industry, health care and social assistance was down 4,100 jobs, or 3.4 percent, while educational services was down 3,100 jobs, or 14.0 percent. Financial activities reported a loss of 3,800 jobs, or 10.4 percent. Professional and business services employment contracted by 3,600 jobs, or 3.2 percent. Miscellaneous other services employment decreased by 2,800 jobs, or 10.0 percent. Trade, transportation, and utilities was down 2,500 jobs, or 1.8 percent. Within the industry, transportation, warehousing, and utilities was down 2,100 jobs, or 7.9 percent; wholesale trade was down 1,200 jobs, or 5.3 percent; and retail trade was up 800 jobs, or 0.9 percent. Manufacturing employment decreased by 2,600 jobs, or 9.0 percent. Within this industry, all losses occurred in durable goods manufacturing, which was down 2,700 jobs, or 17.0 percent. Nondurable goods manufacturing employment was up 100 jobs, or 0.8 percent. Information was down 1,300 jobs, or 11.7 percent.
Within the public sector, all losses came in local government, which was down 7,300 jobs, or 6.9 percent. Within local government employment, local government education shed 4,300 jobs, representing a loss of 7.9 percent. Local government excluding education was down 3,000 jobs, or 5.8 percent. Employment in state government was up 4,600 jobs, or 8.1 percent. Within state government, the majority of gains came from state government education which was up 4,100 jobs, or 16.3 percent. Employment in state government excluding education was up 500 jobs, or 1.6 percent. Federal government reported a gain of 200 jobs, or 0.7 percent.
Further analysis will be provided in the Labor Market Review scheduled for release on February 5.
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.