What is the unemployment rate in New Mexico right now?
Data updated November 17, 2024
About 4.3% in October 2024. That’s a 0.3 percentage point increase from a year before. The unemployment rate is the percentage of people in the labor force who are actively looking for work but not currently employed. It’s a common way to measure the health of the job market and economy.
Showing data for
In October 2024,
4.3%
of the labor force was unemployed in New Mexico
October 2024 had a
+0.3
percentage point change from October 2023
The Bureau of Labor Statistics calculates the unemployment rate through a monthly survey to identify the civilian labor force, meaning people who are employed or actively seeking work. It counts part-time workers as employed. It excludes people who aren’t actively looking for work, such as retirees or discouraged workers.
In October 2024, the unemployment rate in New Mexico was higher than the US overall.
Seasonally adjusted unemployment rate, January 2007 to October 2024
Unemployment rates differ within states due to various factors. Counties with many job opportunities and different industries often have lower unemployment rates. In rural areas or in places where industries are shrinking, the rate can be higher. Seasonal work in industries like tourism or farming can lead to unemployment rising or falling. Population changes and local policies also play a role in how many people are employed.
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In New Mexico, Luna County, NM had the highest unemployment rate at 8.2%. Los Alamos County, NM had the lowest at 2.4%. Bernalillo County, NM, the county with the largest labor force in the state, had an unemployment rate of 3.9%. The latest county-level data is from September 2024.
Unemployment rates in New Mexico counties ranged from 2.4% to 8.2% in September 2024.
Not seasonally adjusted
Unemployment rate, by county in New Mexico (September 2024)
| 1. | Luna County, NM | 8.2% |
| 2. | Cibola County, NM | 5.7% |
| 3. | Torrance County, NM | 5.6% |
| 4. | McKinley County, NM | 5.4% |
| 5. | Sierra County, NM | 5.4% |
| 6. | Lincoln County, NM | 5.2% |
| 7. | Catron County, NM | 5.1% |
| 8. | Harding County, NM | 5.0% |
| 9. | Quay County, NM | 4.9% |
| 10. | Socorro County, NM | 4.8% |
