New Mexico unemployment rate stays steady in March while workforce slowly grows

According to the latest US Bureau of Labor Statistics figures released on Friday, New Mexico's seasonal adjusted unemployment rate for March fell slightly to 3.5%. It has remained essentially the same since the start of the year. However, the labor force is continuing to grow steadily.

New Mexico is ranked 28th in the country for unemployment rates. According to data, New Mexico ranks 28th, alongside Arizona, Hawaii Massachusetts, Mississippi New Jersey North Carolina Louisiana and Louisiana.

The civilian workforce, however, is growing slowly. It has increased by 5,946 since January, which is a 0.6% rise, and by 2,558 people since March last year or a 0.3%.

New Mexico's unemployment rate dropped from 4,6% in March to 4.6% in February, which is the biggest drop in unemployment rates in the nation. This number is on a downward trend since May 2020 when the state's unemployment rate reached 9.3%.

The unemployment rate for March in the United States was 3.5%. This is slightly lower than in February, and also slightly lower than in March last year when it was 3.6%.

In March, the number of nonfarm employees increased by 236,000, a lower increase than the 334,000 average monthly gain in the last six months. Seasonally adjusted employment in New Mexico increased by 23,900 employees, or 2.8%, since March last year.