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Economic Update May 20, 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


May 20, 2022

New Mexico’s seasonally adjusted unemployment rate was 5.3 percent in April, unchanged from the rate in March and down from 7.3 percent in the previous year. The national unemployment rate in April was 3.6 percent, unchanged from the rate in March and down from 6.0 percent in April 2021.

Total nonagricultural payroll employment grew by 44,000 jobs, or 5.5 percent, between April 2021 and April 2022. The majority of gains came from the private sector, which was up 40,500 jobs, or 6.5 percent. The public sector was up 3,500 jobs, or 2.0 percent. Most private sector gains were in the private service-providing industries, which were up 31,900 jobs, or 6.0 percent, while the goods-producing industries were up 8,600 jobs, representing an increase of 9.3 percent.

All nine major industry sectors reported over-the-year job increases. Leisure and hospitality experienced the largest employment growth with a gain of 17,600 jobs, or 21.8 percent, compared to the previous year. Mining and construction employment rose by 6,500 jobs, or 10.0 percent. The majority of gains were within the construction industry, which grew by 5,100 jobs, or 10.8 percent. Mining employment was up 1,400 jobs, or 7.8 percent, over the year. Professional and business services, up 4.6 percent, and trade, transportation, and utilities, up 3.8 percent, each reported an increase of 5,100 jobs. Within the trade, transportation, and utilities industry, retail trade was up 3,900 jobs, or 4.4 percent; transportation, warehousing, and utilities was up 1,100 jobs, or 4.4 percent; and wholesale trade was up 100 jobs, or 0.5 percent. Manufacturing was up 2,100 jobs, or 7.7 percent. Within manufacturing, durable goods manufacturing employment was up 1,500 jobs, or 10.1 percent, over the year. Non-durable goods manufacturing was up 600 jobs, or 4.9 percent. Miscellaneous other services was up 1,800 jobs, or 7.0 percent. Education and health services was up 1,600 jobs, or 1.1 percent. Within the industry, educational services was up 1,700 jobs, or 8.4 percent, and health care and social assistance was down 100 jobs, or 0.1 percent. Financial activities was up 400 jobs, or 1.2 percent. Information was up 300 jobs, or 3.3 percent.

Within the public sector, employment in local government was up 2,300 jobs, or 2.4 percent. Within local government, local government education was up 1,800 jobs, or 3.6 percent, and local government excluding education was up 500 jobs, or 1.1 percent. State government was up 1,600 jobs, or 2.9 percent. Within state government employment, state government education added 2,200 jobs, representing an increase of 9.3 percent. State government excluding education was down 600 jobs, or 1.9 percent. Federal government reported a loss of 400 jobs, or 1.3 percent, from its employment level in April 2021.

Further analysis will be provided in the Labor Market Review scheduled for release on May 27.

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.