NM’s seasonally adjusted unemployment rate holds at 4.6 percent in October

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NM’s seasonally adjusted unemployment rate holds at 4.6 percent in October

New Mexico’s seasonally adjusted unemployment rate was 4.6 percent in October 2018, unchanged from September and down from 6.0 percent a year ago. The national unemployment rate in October was 3.7 percent, unchanged from September and down from 4.1 percent in October 2017.

Total nonagricultural payroll employment grew by 23,100 jobs, or 2.8 percent, between October 2017 and October 2018. Most of the aggregate gains came from the private sector, which was up 22,600 jobs, or 3.5 percent. The public sector was up 500 jobs, or 0.3 per- cent. Growth was reported in both components of the private sector. The private service-providing industries were up 18,300 jobs, or 3.3 percent, while the goods-producing industries were up 4,300 jobs, representing a gain of 4.5 percent. Eight private supersector-level industries added jobs and one lost jobs.

Leisure and hospitality employment increased by 7,400 jobs, or 7.7 percent, reporting the largest numeric and percentage increase among all supersector-level industries. Professional and business services employment was up 5,500 jobs, or 5.2 percent, over the year. Mining and construction employment grew by 3,800 jobs, or 5.5 percent. Within this supersector, construction increased by 3,300 jobs, or 7.0 percent, while mining reported a gain of 500 jobs, or 2.3 percent. Trade, transportation, and utilities was up 2,900 jobs, or 2.1 percent. Within this supersector, employment in transportation, warehousing, and utilities was up 1,400 jobs, or 5.7 percent; wholesale trade was up 1,000 jobs, or 4.8 percent; and retail trade reported a gain of 500 jobs, or 0.6 percent. Employment in education and health services increased by 1,500 jobs, or 1.1 percent. Within the supersector, health care and social assistance employment was up 1,100 jobs, or 0.9 percent, while educational services employment was up 400 jobs, or 1.8 percent. Employment in financial activities grew by 1,000 jobs, or 2.9 percent. Manufacturing employment grew by 500 jobs, or 1.8 percent. All growth occurred in non-durable goods manufacturing, which was up 900 jobs, or 7.6 percent, over the year. Durable goods manufacturing employment was down 400 jobs, or 2.6 percent, from October 2017. Employment in miscellaneous other services was up 300 jobs, or 1.1 percent.

Employment in the information industry decreased by 300 jobs, or 2.6 percent, over the year.

Within the public sector, local government was up 2,000 jobs, or 1.9 percent. Within this sector, local government education employment grew by 500 jobs, or 0.9 percent. State government employment decreased by 1,200 jobs, or 2.1 percent, despite state government edu- cation posting a gain of 100 jobs, or 0.4 percent. Federal government reported a loss of 300 jobs, or 1.0 percent.

Detailed analysis will be provided in the Labor Market Review scheduled for release on November 28.

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.