The United States uses the unemployment rate to calculate and keep track of the number of unemployed workers in the workforce. The term “unemployment rate” or “jobless rate” as is thrown around often in the media, without much explanation on what it does or why it is important in analyzing the economy. The jobless rate takes the number of people 16 years of age and older who are unemployed and seeking employment actively and divides that number into the total amount of workers, both employed and unemployed, in the workforce. That number is then multiplied by 100 to get an overall percentage. Authorities calculate the rates for the nation and each state monthly. The reason unemployment rates are so widely recognized and maintained, is because they become clear indicators of what the economy is like in every state. When the jobless rate is low, it means more people are employed, and they are able to be regular contributors to the overall growth of the economy. When the rate is high, officials need to review the unemployment insurance program in the affect area.
What is the unemployment rate in New Mexico exactly? The unemployment rate in New Mexico was 6.6 percent as of May 2017. This jobless rate is down a percentage point from April, which is good news, however it is still much higher than the national average of 4.3 percent. The growth from April is due to an addition of 7,500 jobs from this time last year, which has remained steady throughout the year. Unfortunately, the unemployment rate in New Mexico is second highest in the nation. This means many unemployed workers in New Mexico are struggling to find employment.
For those who are seeking assistance on a temporary basis, unemployment wage benefits may be an option. New Mexico offers unemployment insurance benefits for qualified candidates who meet all state eligibility requirements. These benefits can be a huge help for those who are in between employment at the moment.