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Farmington MSA continues closing unemployment gap on U.S., New Mexico – Farmington Daily Times

FARMINGTON — While unemployment in the Farmington area has remained stubbornly high compared to the rate across the nation and in New Mexico for most of the last two years, that situation looks as if it finally could be changing.
According to the latest jobless figures released by the New Mexico Department of Workforce Solutions on Nov. 18, unemployment increased across the U.S. and in New Mexico in October. But the rate for the Farmington metropolitan statistical area fell significantly, allowing the area to close the gap on the nation and the state.
New Mexico’s jobless rate for October was 4.3%, a slight increase from the 4.2% figure the state posted in September, though that number was still down significantly from the 6.1% rate of October 2021. The national rate for October was 3.7%, up from 3.5% in September but down from 4.6% a year earlier.
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In contrast, the jobless rate continued its long, steady march downward in the Farmington MSA, going from 5.3% in September to 4.7% in October. A year ago, the Farmington area was experiencing an unemployment rate of 6.8%.
All four of the state’s MSAs saw their jobless rate fall in October. The Santa Fe area was the lowest at 3.5%, down from 3.7% a month earlier, while Albuquerque was second at 3.7%, a decrease from the September figure of 4.2%. Las Cruces registered a rate of 4.2%, down from 4.8% the previous month.
Luna County continued to post the highest jobless rate in New Mexico at 9.4%, while Sierra County was next at 5.7%. Cibola (5.5%); McKinley and Torrance (5.2%); Taos, Mora and Catron (5.1%); Colfax (5%), and Lea (4.8%) counties followed. San Juan County was tied for 11th place on that list with San Miguel County.
Conversely, Los Alamos County again had the lowest unemployment rate in the state at 2.1%, while Union County was next at 2.6%. Harding (2.7%), Curry (3%), Hidalgo (3.2%), and Eddy and De Baca (3.3%) counties rounded out the top seven.
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According to the U.S. Bureau of Labor Statistics, New Mexico was tied with Delaware and Connecticut for 43rd place in the national joblessness rankings for October, which nevertheless represented a considerable improvement over where the state was for much of the last year. New York (4.4%), Alaska and Maryland (4.5%), and Illinois and Nevada (4.6%) are all looking up at New Mexico.
Unemployment in October was lowest in Minnesota and Utah (2.1%), followed by North Dakota and Vermont (2.3%).
Mike Easterling can be reached at 505-564-4610 or measterling@daily-times.com. Support local journalism with a digital subscription: http://bit.ly/2I6TU0e. 



Joseph Muongi

Financial.co.ke was founded by Mr. Joseph Muongi Kamau. He holds a Master of Science in Finance, Bachelors of Science in Actuarial Science and a Certificate of proficiencty in insurance. He's also the lead financial consultant.