5 States with the Largest Declines in Unemployment in 2022

1. New Mexico

Rate of unemployment in Dec 2021: 5.9%

Rate of unemployment in Dec 2022: 3.9%

Topping the list of 15 States with the Largest Declines in Unemployment in 2022 is New Mexico. 3.9% is the lowest rate of unemployment that New Mexico has seen in 15 years. Considering the fact that during the pandemic, a lot of businesses were closing down, and New Mexico had been facing an unemployment rate of 9.8% in May 2020, going down to 3.9% is quite a feat. This is due to a change in the nature of the labor, preferring jobs in education rather than the government and a low labor force participation rate.

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