Conditions in the local job market are grim. The decline in the number of jobs is the worst the state has seen since January 1944, when the decline was also 3.7 percent. The 1943/1944 decline was fairly short-lived and followed years where job growth averaged more than 8 percent. Back in the 1940s, New Mexico had a much smaller economy and such variability was more normal than it is today. The current drop in employment is unprecedented in recent times.
The seasonally adjusted unemployment rate in Santa Fe was 6.3 percent in August 2009, up from 5.7 percent in July. A year ago, the local area had an unemployment rate of 3.8 percent...
Over the year, the job growth rate for Santa Fe was minus 3.3 percent, representing a loss of 2,200 jobs. The Santa Fe job market has been weak for about two years, but the recent data are especially disappointing. Previously, job growth had alternated between positive and negative territory, mostly staying close to the zero line. Employment totals have, however, taken a sharp turn for the worse since the start of the year.
Retail trade was down 400 jobs, leisure & hospitality employment slipped by 200 jobs, while professional & business services was down by 400 jobs. Down by 100 jobs were financial activities and manufacturing.
The government sector reported 100 additional federal jobs, offset by 100 fewer local government jobs.