New Mexico’s seasonally adjusted unemployment rate was 3.8 percent in October 2023, Up from 3.7 percent in September and up from 3.5 percent in the previous year. The national unemployment rate in October was 3.9 percent, up from 3.8 percent in September and up from 3.7 percent in October 2022. Total nonagricultural payroll employment grew by 16,700 jobs, or 1.9 percent, between October 2022 and October 2023.