NM unemployment rate at 3.5% in January - Albuquerque Journal

NM unemployment rate at 3.5% in January

Brittany Boyle works a shift tending the bar inside the Lounge at Hotel Zazz in Albuquerque Tuesday afternoon. The state’s unemployment rate dipped to 3.5% in January, led by gains in leisure and hospitality employment. (Roberto E. Rosales/Albuquerque Journal)

New Mexico’s unemployment rate stood at 3.5% in January.

On Monday, the New Mexico Department of Workforce Solutions released January’s unemployment rate, which is unchanged from the previous month. December’s rate stood at 3.9% before it was modified earlier this year in a process known as “benchmarking.”

“Every year the data are adjusted to employment counts collected through the Quarterly Census of Employment and Wages program,” Stacy Johnston, a spokeswoman for NMDWS, said in an email. “During this benchmarking process, estimates for New Mexico and its four Metropolitan Statistical Areas — Albuquerque, Santa Fe, Las Cruces, and Farmington — are revised. This year, all the data series were revised back to April 2020.”

The unemployment rate in January was the lowest it has been since August’s revised unemployment rate of 3.4%. The updated unemployment rate has been 3.5% since September. And before that, the last time the rate stood at 3.5% was from May 2007 through September 2007, data shows.

New Mexico’s unemployment rate in January was slightly higher than the national average of 3.4%.

The most recent update in unemployment comes a month-and-a-half since the state released December’s numbers. It’s expected that data for February will come later this month.

But the report from NMDWS, which was released Monday, shows New Mexico’s nonfarm employment dropped to 851,000 — which is still preliminary — from a revised number of 859,100 in December, a decrease of 0.9%, data shows. It is, however, an increase from January 2022 when nonfarm employment was 826,300.

The year-over-year increase of 24,700 jobs mostly came from the private sector — which accounted for nearly 84% of those gains, data shows.

But jobs were down from December in the private sector, translating to a loss of 5,500 jobs.

Of the private sector, service-providing industries were up 15,000 jobs year over year while goods-producing industries were up nearly 6,000 jobs.

Leisure and hospitality employment grew by 5,900 jobs, or 6.6%, year over year. From December through January, leisure and hospitality employment grew by roughly 400 jobs.

The largest year-over-year percentage change for service-providing industries came in information employment at 11.3%, though month-over-month employment from December dropped by 300 jobs. Mining, logging and construction employment grew by 4,900 jobs year over year — and 900 jobs month over month, data shows.

Government employment in the state — which includes local, state and federal — grew by 4,000 jobs year over year. But there has been a drop in month-over-month employment at the federal level, with 200 jobs lost between December and January. Roughly 1,700 jobs were lost at the state level from December to January, data shows.

Editor’s note: This story has been updated to reflect that the unemployment rate was adjusted to 3.4% in August after a benchmarking process, making it the lowest rate in more than a decade. 

Home » Business » NM unemployment rate at 3.5% in January

Insert Question Legislature form in Legis only stories

Albuquerque Journal and its reporters are committed to telling the stories of our community.

• Do you have a question you want someone to try to answer for you? Do you have a bright spot you want to share?
   We want to hear from you. Please email yourstory@abqjournal.com

taboola desktop

ABQjournal can get you answers in all pages


Questions about the Legislature?
Albuquerque Journal can get you answers
Email addresses are used solely for verification and to speed the verification process for repeat questioners.
Easter egg hunts abound for Albuquerque-area families — and ...
ABQnews Seeker
A round-up of low- and no-cost ... A round-up of low- and no-cost Easter egg hunts and Easter Bunny appearances in the Albuquerque-metro area this week.
Blood drive, Tenebrae, Easter sunrise: A roundup of Holy ...
ABQnews Seeker
Here is a non-comprehensive list of ... Here is a non-comprehensive list of some church services in the Albuquerque area during Holy Week.
Former Lobo Udeze shines in all-star game at Final ...
ABQnews Seeker
Former Lobo Morris Udeze was named ... Former Lobo Morris Udeze was named MVP of the College Basketball All-Star Game in his hometown of Houston on Friday.
Tuition bump? UNM administration seeks 3% tuition hike, 6% ...
ABQnews Seeker
Tuition and fees for in-state students ... Tuition and fees for in-state students would be $11,380 for one year
Fewer police officer positions, a goodbye to extra COVID ...
ABQnews Seeker
Mayor Tim Keller on Friday released ... Mayor Tim Keller on Friday released his plan for fiscal year 2024, which includes a slightly smaller budget after years of significant growth.
Photos: Grants High School baseball team beats St. Pius ...
ABQnews Seeker
New Mexico Supreme Court blocks ordinances restricting access to ...
ABQnews Seeker
Five Eastern New Mexico jurisdictions had ... Five Eastern New Mexico jurisdictions had passed ordinances that activists call "de facto abortion bans."
Local hospitals are lifting their mask mandates
ABQnews Seeker
Presbyterian, UNMH, Christus St. Vincent and ... Presbyterian, UNMH, Christus St. Vincent and the Lovelace make joint announcement
In split ruling, Court of Appeals vacates former NM ...
ABQnews Seeker
Former New Mexico tax department head ... Former New Mexico tax department head Demesia Padilla's two felony convictions that stemmed from a lengthy public corruption investigation were vacated Friday by the ...