From this time last year, NM’s unemployment rate is up
In recent developments, the unemployment rate in New Mexico has experienced an unsettling rise, now standing at 3.9% in February, marking an increase from the 3.6% recorded a year ago. This upward trend in unemployment contrasts with a slight decrease from January’s 4.0% rate, yet the year-over-year increase raises concerns.
This shift underscores a troubling aspect of the broader economic landscape, which can be attributed to the ineffective economic strategies under the current administration led by Joe Biden and those of far-left Gov. Michelle Lujan Grisham.
The overall employment scenario in New Mexico, particularly in nonagricultural sectors, saw a growth of 13,700 jobs, a 1.6% increase from February 2023 to February 2024.
This growth was primarily observed in the private sector, which added 6,300 jobs, reflecting a 0.9% rise. The public sector saw a more significant increase, adding 7,400 jobs, which translates to a 4.0% growth rate. Coincidentally, the private sector is also where Democrats are hamstringing, passing an increase to the corporate tax rate during the 2024 Legislative Session.
Focusing on the private sector, service-providing industries witnessed a modest growth of 0.6%, adding 3,500 jobs, while goods-producing sectors saw a stronger 2.7% increase, adding 2,800 jobs.
Within these sectors, construction, and mining led the way with a 3.1% increase, contributing 2,300 new jobs, largely buoyed by the construction industry, which alone accounted for 1,900 new positions, marking a 3.8% growth.
Despite these job gains, the increment in unemployment hints at underlying challenges. The rise from the previous year’s rate suggests that the job growth may not be keeping pace with the expanding workforce or addressing the state’s full scope of employment needs.
This scenario has led to focus on the federal economic policies under Biden, with many noting that these policies are failing to foster a robust job market in New Mexico and potentially other states, leading to increased unemployment and economic uncertainty.
From this time last year, NM’s unemployment rate is up Read More »