Overall unemployment rate moved down to 4.7% with the biggest shift in Government, which lost 100 roles, based on the most recently available information published in December 2022.
Total employment in the Farmington, NM market declined by 185 jobs in October and the unemployment rate decreased compared to the prior month by 60 bps to 4.7%. The national unemployment rate increased by 8 bps over the same time to 3.4%.
- Farmington, NM unemployment rate is 130 bps above the national rate which is a negative sign.
- Unemployment in the market is 210 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in October versus prior month by 10% and are down compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -1.2%. Key sectors include:
- Government: 8,500; -100
Data is based on the most recent 12 months available, through October 2022 (Data published December 2022 and reports created on December 2, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.