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Economic Update November 18, 2022

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 18, 2022

New Mexico’s seasonally adjusted unemployment rate was 4.3 percent in October, up from 4.2 percent in September and down from 6.1 percent in the previous year. The national unemployment rate in October was 3.7 percent, up from 3.5 percent in September and down from 4.6 percent in October 2021.

Total nonagricultural payroll employment grew by 24,800 jobs, or 3.0 percent, between October 2021 and October 2022. The majority of gains came from the private sector, which was up 22,500 jobs, or 3.4 percent. The public sector was up 2,300 jobs, or 1.3 percent. Most private sector gains were in the private service-providing industries, which were up 12,900 jobs, or 2.3 percent, while the goods-producing industries were up 9,600 jobs, representing an increase of 10.0 percent.

Within the goods-producing industries, mining and construction employment rose by 8,300 jobs, or 12.3 percent. The majority of gains were within the construction industry, which grew by 5,500 jobs, or 11.2 percent. Mining employment was up 2,800 jobs, or 15.1 percent, over the year. Manufacturing was up 1,300 jobs, or 4.5 percent. Within manufacturing, durable goods manufacturing employment was up 700 jobs, or 4.4 percent, over the year. Non-durable goods manufacturing was up 600 jobs, or 4.7 percent.

Within the private service providing industries, education and health services experienced a gain of 5,600 jobs, or 4.0 percent. Within the industry, health care and social assistance was up 3,600 jobs, or 3.0 percent, and educational services was up 2,000 jobs, or 9.3 percent. Leisure and hospitality was up 4,400 jobs, or 4.7 percent. Professional and business services was up 1,900 jobs or 1.7 percent. Miscellaneous other services was up 1,600 jobs, or 6.0 percent. Trade, transportation, and utilities was up 600 jobs, or 0.4 percent. Within this industry, retail trade was up 700 jobs, or 0.8 percent, and transportation, warehousing, and utilities was down 100 jobs, or 0.4 percent. Employment in wholesale trade was unchanged from the previous year’s level. Information was up 100 jobs, or 1.0 percent. Financial activities declined from October 2021. Employment in the industry was down 1,300 jobs, or 3.8 percent.

Within the public sector, local government was up 1,600 jobs, or 1.7 percent. Within local government employment, local government education added 1,100 jobs, representing an increase of 2.2 percent. Local government excluding education was up 500 jobs, or 1.1 percent. Employment in state government was up 800 jobs, or 1.4 percent. Within state government, state government education was up 900 jobs, or 3.7 percent, and state government excluding education employment decreased by 100 jobs, or 0.3 percent, from last year. Federal government was down 100 jobs, or 0.3 percent, from last year’s level.

Further analysis will be provided in the Labor Market Review scheduled for release on December 2.

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.