January 25, 2022
Summary
New Mexico added 3,800 net payroll jobs and the unemployment rate fell by 0.4 percentage point to 5.8 percent in December, according to Bureau of Labor Statistics (BLS) data released at 10:00am on January 25, 2022.
Over the past twelve months, New Mexico added 49,100 payroll jobs and the unemployment rate fell by 2.8 percentage points from 8.6 percent.
In December, New Mexico’s private sector added 3,800 net private payroll jobs and over the past twelve months it added 49,600 private payroll jobs in the establishment survey.
In the household survey, the number of unemployed fell by 3,410 on net in December, and over the past year employment rose by 18,997.
New Mexico’s labor force participation rate remained steady at 57 percent in December . Since last year, the labor force participation rate fell by 0.9 percentage point.
The national unemployment rate fell by 0.3 percentage point in December to 3.9 percent. State employment and unemployment data for January is scheduled for release March 14, 2022. The national employment situation report for January will be released February 04, 2022.
New Mexico Payroll Employment
New Mexico added 3,800 net payroll jobs, or 0.5 percent, on a seasonally adjusted basis during December. In the prior month, New Mexico added 4,500 jobs. Over the past twelve months, New Mexico added 49,100 payroll jobs, or 6.3 percent. New Mexico nonfarm payroll employment had increased in 10 of the past 12 months.
Nationally, nonfarm payrolls rose by 199,000 in December, or rose by 0.1 percent. Over the 12-month period ending with December, nonfarm payrolls rose by 6,448,000 jobs, or 4.5 percent. New Mexico ranks 4th among the 50 states and the District of Columbia for percentage gain in nonfarm payroll employment over the past 12 months.
During December, New Mexico’s private-sector added 3,800 jobs, or approximately 0.6 percent. The private-sector in New Mexico added 4,000 jobs in the prior month. Over the past twelve months, private-sector payrolls in New Mexico added 49,600, or 8.2 percent. New Mexico private-sector payroll employment has increased in 11 of the past 12 months.
Nationally, private-sector payroll jobs rose by 211,000 jobs in December, or 0.2 percent. Over the past 12 months, the national payroll rose by 5,996,000 jobs in the private sector, or 5 percent. New Mexico ranks 2nd among the 50 states and the District of Columbia for a percentage gain in private-sector payroll employment over the past 12 months.
The best performing sectors on a seasonally adjusted basis during December were Construction (1,600) and Trade, Transportation, and Utilities tied with Leisure and Hospitality (1,600). The poorest performing sectors during the month were Financial Activities (-600) and Professional and Business Services (-1,200).
The best performing sectors during the last twelve months were Leisure and Hospitality (21,900) and Trade, Transportation, and Utilities (7,500). The poorest performing sectors during the last twelve months were Information (-400) and Government (-500).
New Mexico Labor Force Statistics
Labor Force Participation
The labor force participation rate in New Mexico remained unchanged at 57 percent in December . At a labor force participation rate of 57 percent, New Mexico is tied for 45th in the nation. The labor force participation rate in New Mexico fell by 0.9 percentage point from a year earlier. The labor force participation rate is the percentage of the civilian noninstitutionalized population age 16 and older who are employed or actively looking for work.
The 10-year high for the labor force participation rate in New Mexico was 58.6 percent last occurring in December 2019. The series high for the labor force participation rate in New Mexico last occurred in December 1989 when the labor force participation rate hit 63.9 percent. The 10-year low for the labor force participation rate was 55 percent in April 2020. This also represents the series low for the labor force participation rate in New Mexico.
The national labor force participation rate remained steady at 61.9 percent in December. That rate rose by 0.4 percentage point from a year earlier. The all-time high for the national labor force participation rate was 67.3 percent in April 2000. The 10-year high for the national labor force participation rate was 63.8 percent in October 2012. The recent 10-year low occurred in April 2020 at a level of 60.2 percent. The series low for the national labor force participation rate was 58.1 percent in December 1954.
Employment-to-Population Ratio
The employment-to-population ratio, or the percentage of the New Mexico civilian noninstitutionalized population 16 years and older counted as employed, in December rose to 53.7 from 53.5 percent in the prior month. At 53.7 percent, New Mexico ranks 49th among state employment-to-population ratios in the nation. The employment-to-population ratio in New Mexico rose by 0.8 percentage point from a year earlier.
The 10-year high for the employment-to-population ratio in New Mexico was 55.7 percent last occurring in December 2019. The series high for the employment-to-population ratio in New Mexico last occurred in April 2001 when the employment-to-population ratio hit 60.3 percent. The 10-year low for the employment-to-population ratio was 49.5 percent in April 2020. This also represents the series low for the employment-to-population ratio in New Mexico.
The national employment-to-population ratio rose by 0.2 percentage point over the month to 59.5 percent in December. That rate rose by 2.1 percentage points from a year earlier. The all-time high for the national employment-to-population rato was 64.7 percent in April 2000. The 10-year high for the national employment-to-population ratio was 61.2 percent in February 2020. The recent 10-year low occurred in April 2020 at a level of 51.3 percent. The series low for the employment-to-population ratio was 51.3 percent in April 2020.