Overall unemployment rate moved down to 5.7% , based on the most recently available information published in August 2022.
Total employment in the Farmington, NM market declined by 54 jobs in July and the unemployment rate decreased compared to the prior month by 40 bps to 5.7%. The national unemployment rate decreased by 5 bps over the same time to 3.8%.
- Farmington, NM unemployment rate is 192 bps above the national rate which is a negative sign.
- Unemployment in the market is 360 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in July versus prior month by 8% and are down compared to last year at this time in the market.
For key employment segments of the market, total jobs stayed flat. Key sectors include:
- Government: 8,200; no change
Data is based on the most recent 12 months available, through July 2022 (Data published August 2022 and reports created on September 2, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.