Top

Economic Update January 24, 2023

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, 2023

New Mexico’s seasonally adjusted unemployment rate was 3.9 percent in December, down from 4.1 percent in November and down from 5.9 percent in the previous year. The national unemployment rate in December was 3.5 percent, down from 3.6 percent in November and down from 3.9 percent in December 2021.

Total nonagricultural payroll employment grew by 19,300 jobs, or 2.3 percent, between December 2021 and December 2022. The majority of gains came from the private sector, which was up 16,000 jobs, or 2.4 percent. The public sector was up 3,300 jobs, or 1.8 percent. Most private sector gains were in the private service-providing industries, which were up 11,000 jobs, or 2.0 percent, while the goods-producing industries were up 5,000 jobs, representing an increase of 5.1 percent.

Within the goods-producing industries, mining and construction employment rose by 4,300 jobs, or 6.2 percent. The majority of gains were within the construction industry, which grew by 2,500 jobs, or 5.0 percent. Mining employment was up 1,800 jobs, or 9.4 percent, over the year. Manufacturing was up 700 jobs, or 2.4 percent. Within manufacturing, durable goods manufacturing employment was up 500 jobs, or 3.2 percent, over the year. Non-durable goods manufacturing was up 200 jobs, or 1.6 percent.

Within the private service-providing industries, education and health services experienced a gain of 6,200 jobs, or 4.4 percent. Within the industry, health care and social assistance was up 4,600 jobs, or 3.9 percent, and educational services was up 1,600 jobs, or 7.4 percent. Leisure and hospitality was up 5,000 jobs, or 5.3 percent. Employment in professional and business services increased by 2,800 jobs, or 2.5 percent. Miscellaneous other services was up 1,000 jobs, or 3.8 percent. Trade, transportation, and utilities was down 3,200 jobs, or 2.2 percent. Within this industry, retail trade was down 2,200 jobs, or 2.3 percent; transportation, warehousing, and utilities was down 800 jobs, or 2.8 percent; and wholesale trade was down 200 jobs, or 1.0 percent. Employment in financial activities was down 700 jobs, or 2.1 percent. Employment in information decreased by 100 jobs, or 1.0 percent.

Within the public sector, local government was up 2,800 jobs, or 2.9 percent. Within local government employment, local government education added 1,800 jobs, representing an increase of 3.5 percent. Local government excluding education was up 1,000 jobs, or 2.2 percent. Employment in state government was up 500 jobs, or 0.9 percent. Within state government, all gains were in state government education, which was up 2.0 percent. Federal government was unchanged from last year’s level.

Further analysis will be provided in the Labor Market Review scheduled for release on February 1. 

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.