New Mexico unemployment rate continues to drop, largest monthly decrease of any state
SANTA FE – Gov. Michelle Lujan Grisham and the state Department of Workforce Solutions announced on Friday that New Mexico's unemployment rate of 4.5% is now the lowest it's been since September of 2008. While the national unemployment rate decreased by only 0.1%, New Mexico's rate continued to decrease by 0.4%, the largest decrease of any state in the country this month.
The governor issued the following statement:
"New Mexico's unemployment rate is now the lowest it's been in nearly 15 years – that's a big deal. It's proof positive that the work my administration has done to support and invest in New Mexico businesses, to attract exciting new companies here, and to grow key economic sectors is yielding real results that make a difference for New Mexico families.
"We continue to see substantial job growth in nearly every sector, from hospitality and retail to construction and manufacturing. And we're not just creating new jobs – New Mexico workers are also earning the highest average salaries ever. As we continue to expand the state's workforce by investing in free college and workforce training, creating more opportunities than ever for New Mexico families, our state's economy is going to continue to improve."
In addition to being the lowest since September 2008, New Mexico's unemployment rate is now nearly a full percentage point lower than it was prior to the outset of the COVID-19 pandemic in 2020, underscoring the positive results of the economic investments implemented by Gov. Lujan Grisham's administration.
Republican state lawmakers are committed to making sure that restaurants and other small businesses aren't left behind.
"Small businesses in New Mexico make up the majority of our economy. That is one business fact that is unique to our state," said New Mexico State Rep. Jane Powdrell-Culbert (R-Rio Rancho). "New Mexico has an entrepreneurial economy, and with the multiple shutdowns, we have seen how devastating this has been to so many of our friends' and neighbors' livelihoods. Unfortunately, most small businesses are dealing with rebuilding their business, while also trying to replace long-term employees that have left. This is especially true for restaurants: the impact of these businesses rebuilding their staffing will have a lasting effect on our job market."
The Republican Party of New Mexico (RPNM) advances the ideals of individual liberties for the advancement of its citizens and the greater prosperity of our communities throughout New Mexico. Led by an Executive Board and its Chairman, former NM Congressman Steve Pearce, RPNM serves all New Mexicans via its headquarters in Albuquerque and can be contacted at (505) 298-3662.