New Mexico Economic Data

New Mexico’s seasonally adjusted unemployment rate was 6.8 percent in June 2013, up from 6.7 percent in May but down from 7.0 percent a year ago. The rate of over-the-year job growth, comparing June 2013 with June 2012, was 0.9 percent, representing a gain of 7,200 jobs. The jobs survey continues to indicate improved conditions in the local job market. Eight industries added employment over the year, four industries lost jobs, and one—transportation, warehousing, and utilities—remained at last year’s level. The largest gains continued to be reported by the leisure and hospitality industry, adding 3,700 jobs since last year. The financial activities industry also reported strong numbers, adding 2,300 jobs. The construction industry continued to report the best over-the-year numbers since 2006, gaining 1,900 jobs. Manufacturing employment declined by 800 jobs since last year, as did miscellaneous other services. Government employment registered a net loss of 3,400 jobs over the year, with most of the decline (2,400 jobs) reported in local government. The sharp drop in local government employment is likely a result of changing seasonal patterns that will settle by the time school begins at the end of the summer. Detailed analysis will be provided in the Labor Market Review scheduled for release on July 26.  NM Economic Data 7.19.13