Monday, October 29, 2012

Barela Misleads

Economic Development Secretary Jon Barela brought economic good news to commercial real estate developers in Albuquerque today. Unfortunately on one key point, he, ummmm, misspoke and on another he misled.

"Las Cruces is doing very well," Barela asserted. Not exactly. Las Cruces lost 1,500 jobs, year-over-year, according to latest job report.

The joys of New Mexico's dropping unemployment rate got Barela's kudos. Unfortunately, as apparently everyone but Barela knows, that dropping rate is solely a function of people dropping from the labor force. If these people were still in the labor force, they would be unemployed and the rate would be higher.

The occasion was the meeting of NAIOP, the commercial real estate developers group.

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