Economic Update January 24, 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
January 24, 2020
New Mexico’s seasonally adjusted unemployment rate was 4.7 percent in December 2019, down from 4.8 percent in November 2019 and 5.0 percent in the previous year. The national unemployment rate in December was 3.5 percent, unchanged from the rate in November 2019 and down from 3.9 percent in December 2018.
Total nonagricultural payroll employment grew by 14,800 jobs, or 1.7 percent, between December 2018 and December 2019. Gains came from both the public and the private sector. The private sector was up 13,800 jobs, or 2.1 percent. The public sector was up 1,000 jobs, or 0.5 percent. Growth was reported in both components of the private sector. The private service-providing industries were up 7,500 jobs, or 1.3 percent, while the goods-producing industries were up 6,300 jobs, representing a gain of 6.3 percent. Seven private industries added jobs and two lost jobs.
Mining and construction reported the largest employment increase with a gain of 5,500 jobs, or 7.5 percent. Within mining and construction, construction was up 4,900 jobs, or 10.4 percent. Mining added 600 jobs, which represented over-the-year growth of 2.3 percent. Professional and business services employment was up 2,900 jobs, or 2.7 percent. Employment in education and health services increased by 1,900 jobs, or 1.3 percent. Within this industry, a loss of 1,600 jobs, or 7.5 percent, in educational services was offset by a gain of 3,500 jobs, or 2.9 percent, in health care and social assistance. Trade, transportation, and utilities was up 1,500 jobs, or 1.1 percent. Within the industry, retail trade was up 600 jobs, or 0.7 percent; transportation, warehousing, and utilities was up 500 jobs, or 1.9 percent; and wholesale trade employment increased by 400 jobs, or 1.9 percent. Financial activities reported a gain of 1,400 jobs, or 4.0 percent. Manufacturing employment was up 800 jobs, or 3.0 percent, from its December 2018 level. Within this industry, durable goods manufacturing was up 700 jobs, or 4.7 percent, and non-durable goods manufacturing was up 100 jobs, or 0.8 percent. Leisure and hospitality employment increased by 600 jobs, or 0.6 percent.
Employment in information was down 600 jobs, or 5.0 percent. Employment in miscellaneous other services decreased by 200 jobs, or 0.7 percent.
Within the public sector, local government employment grew by 1,100 jobs, or 1.0 percent. All gains came from local government excluding education, which was up 1,900 jobs, or 3.7 percent. Local government education was down 800 jobs, or 1.5 percent. Federal government reported a gain of 600 jobs, or 2.1 percent. State government employment decreased by 700 jobs, or 1.3 percent. Within state government, state government excluding education was up 500 jobs, or 1.6 percent, with state government education posting a loss of 1,200 jobs, or 5.0 percent.
Further analysis will be provided in the Labor Market Review scheduled for release on January 31.
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.