United States Congress Joint Economic Committee

New Mexico

July 2024

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June Employment Update
Labor Market (BLS/Haver)
Most Recent Prior Month 12 Mo. Prior
New Mexico Unemployment (U-3) 3.6% 3.5% 5.0%
U.S. Official Rate (U-3) 3.7% 3.7% 3.4%
U.S. "Real" Rate (U-6) 7.0% 7.1% 6.7%
New Mexico Labor Force Participation Rate 56.5% 56.4% 56.9%
U.S. Labor Force Participation Rate 62.6% 62.5% 62.6%
Prices (BLS/Haver, AAA)
Most Recent Prior Month 12 Mo. Prior
CPI-U Inflation 3.4% 3.1% 6.5%
"Core" CPI Inflation 3.9% 4.0% 5.7%
National Gas/gal. Updated 7/27/24 12:00 AM $3.51 $3.50 $3.71
New Mexico Gas/gal. $3.21 $3.27 $3.60
West Region: Loaf of Bread $2.36 $2.25 $2.23
West Region: Milk/gal. $3.97 $3.97 $4.27
Economic Growth (BEA, WSJ/Haver)
U.S. Real GDP
Q2/2024 (Advance Estimate)
2.8%
NM Real GDP
Q1/2024
2.6%
S&P 500 (YTD)
0.29% Updated 1/16/24 5:00 AM
Minimum Wage (DOL/WHD)
National Hourly Rate
$7.25
NM Hourly Rate
$11.50
Last Generated: 7/27/24 5:15 AM