According to a recent report, the unemployment rate in the United States is the lowest it’s been since February 2020!
This sounds great, as the U.S. economy has added 528,000 nonfarm payroll employees, edging down the current unemployment rate to 3.5% in July. This sounds great, but when the unemployment rate specifically in New Mexico is 4.9%, there’s a disconnect with the NM economy to the U.S. economy.
Additionally, manufacturing employment increased by 30,000 in July. Through the first seven months of 2022, the manufacturing sector has hired 271,000 employees and currently has 12,826,000 employees, further lowering the unemployment rate.
The disconnect in New Mexico can be attributed to many issues in leadership, government funding, or simply priorities in the state budget. For more context and statistics on this subject, click or tap HERE.