Unemployment rates have continued to rise across U.S. metropolitan areas, stoking concern throughout the nation and guiding the Federal Reserve's decision to cut interest rates.
As of September, unemployment rates had increased from the previous year in 260 out of 389 U.S. metros areas—including 37 of the 51 largest metros, according to Bureau of Labor Statistics data. In October, these statistics were both lower than in previous months, indicating that the rate cuts may already be helping stabilize unemployment.
To get a glimpse of regional variations in employment, Stacker compiled a list of counties with the highest unemployment rates in New Mexico, using BLS data. Counties are ranked by their preliminary unemployment rate in September 2024, with initial ties broken by the number of unemployed people within that county, though some ties may remain. County-level unemployment rates are not seasonally adjusted.
In October, the health care and government sectors saw employment trend upward, while labor strikes contributed to a decline in manufacturing employment. However, the national unemployment rate still remains relatively low at 4.1% in October, unchanged from the previous month. It remains higher than it has otherwise been since November 2021.
By comparison, unemployment rates surged to 10% in October 2009 during the Great Recession, and a full recovery took years. At the height of the brief COVID-19 recession in April 2020, unemployment hit 14.7%.
The Federal Reserve has shifted its focus from curbing inflation to unemployment, cutting interest rates to alleviate economic strain and spur job growth. Since last year, unemployment has spiked in half of states—a signal often indicating a looming recession, as Piper Sandler Chief Global Economist Nancy Lazar told Business Insider. In September, South Carolina and Utah saw the biggest unemployment rate increases.
These jobless rates, paired with layoffs among major U.S. employers like Google and Tesla, have sparked concern among Americans. Minus a major economic blow, economists continue to forecast that the U.S. is tracking toward an incremental slowdown in growth known as a "soft landing." The Fed plans to continue cutting rates to achieve this.
To get a better idea of your community's current economy, read on to see the counties with the highest unemployment in New Mexico.
