Here's how unemployment in Santa Fe County, New Mexico compares

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February 13, 2024

Here's how unemployment in Santa Fe County, New Mexico compares

Santa Fe County's unemployment rate in December was 3.2%—ranked #24 highest out of 33 in the state.

Nationally, unemployment has leveled with pre-COVID rates, measuring between 3.5% and 4% for most of the past two years. Bureau of Labor Statistics data showed a 3.7% unemployment rate in January. Previously, unemployment skyrocketed to 14.7% at the height of the COVID-19 pandemic in April 2020, and those rates remained elevated through late 2021.

Though national unemployment has mostly normalized, local economies vary widely. Stacker used Bureau of Labor Statistics data to analyze unemployment in Santa Fe County over time, and how it stacks up within New Mexico and across the nation.

The unemployment rate in Santa Fe County is 0.5 percentage points below the national level, and 0.8 percentage points below the state level. It ranks #24 among counties in New Mexico—ranked first by the preliminary December 2023 unemployment rate, then breaking ties by the number of unemployed people. It trails behind Guadalupe County, with an unemployment rate of 3.3%, but surpasses Lea County (which has the same unemployment rate).

In real terms, it means an estimated 2,333 of Santa Fe County's approximately 72,961 working residents are out of a job at the moment. That's 201 fewer than last month and 479 more than a year ago. Some economists fret another recession may be on the horizon, which would drive unemployment up with business closures and layoffs.

This story was produced using automation across 3,100 counties, boroughs, and parishes, based on writing and data reporting by Paxtyn Merten.

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