New Mexico Unemployment

According to the BLS current population survey (CPS), the unemployment rate for New Mexico fell 0.1 percentage points in March 2023 to 3.5%. The state unemployment rate was 0.0 percentage points lower than the national rate for the month. The unemployment rate in New Mexico peaked in May 2020 at 9.3% and is now 5.8 percentage points lower. From a post peak low of 3.4% in August 2022, the unemployment rate has now grown by 0.1 percentage points. You can also see New Mexico unemployment compared to other states.

Unemployment Rate	March 2023	Month/Month	Year/Year
National	3.5%	-0.1	-0.1
New Mexico	3.5%	-0.1	-1.1

Note: All comparisons are made with March data as April state level unemployment data has not yet been released.

Unemployment Rate: New Mexico, National

New Mexico monthly unemployment rate chart from 1990 to March 2023

Note: Recessions shown in gray

New Mexico Unemployed

The number of people unemployed in New Mexico peaked in May 2020 at 84,579. There are now 50,775 fewer people unemployed in the state. From a recent trough of 31,691 in August 2022, the number of unemployed has now grown by 2,113. New Mexico job growth data is also available.

Unemployed Persons	March 2023	Month/Month	Year/Year
New Mexico	33,804	-640	-9,989

Number of Unemployed Persons