With 6.6% unemployed, New Mexico tied for highest unemployment in the nation with Mississippi, the District of Columbia, and Alaska.
Albuquerque swung to a year-over-year job loss in November with a decline of 500 wage jobs.
The other three metro areas went the other way. Las Cruces added 800 jobs, Santa Fe, 500, Farmington grew 300. The figures are not seasonally adjusted. The Department of Workforce solutions released the figures December 23 in its Labor Market Review newsletter.
A November to November drop in retail wage jobs of 3,400 pushed Albuquerque to the overall job loss. Statewide, retail lost 5,500 jobs. Manufacturing lost another 900 jobs for a November job total of 15,200. Growth in education and health services (Medicaid) continued with 1,200 new jobs over the year, a 1.9% increase.
Education and health services brought 1,300 jobs to Las Cruces for an 8.8% increase. Other sectors dropped 500 jobs for the year.
In Santa Fe some job sectors increase by 100 for the year. Others dropped 100. Education and health services added 400, a 4.1% increase.
Thursday, December 29, 2016
Sunday, December 18, 2016
Seasonal Patterns Rule Homes Sales
Seasonal patterns seem to be running the metro Albuquerque single family home sales market. The Greater Albuquerque Association of Realtors released the November sales report December 12.
November’s closed sales were down from October by 27 homes or three percent, the seasonal pattern as it gets colder. Closed sales for November were 798 homes.
The number of pending sales, 880 in November, was down 118 from 998 in October.
The sales are happening expeditiously. The homes that had sales close in November were on the market an average of 54 days, the same as October.
The comparison to 2015 remains favorable. Closed sales were up 185 from November 2015, pending sales up 26%. Home sold during November nine days faster than during November 2015.
Buyers have fewer homes to consider. The inventory of homes for sale was 3,403 in November, 17% less than November 2015 and 277 homes or eight percent less than October.
There were 969 new listings during November and 1,215 during October.
The average sales price for homes that closed sale during November was $218,795, up $223 from October and up 2.7% from October 2015. The median price, $185,000 during November, was down $4,000 from October and up 2.7% from a year before.
November’s closed sales were down from October by 27 homes or three percent, the seasonal pattern as it gets colder. Closed sales for November were 798 homes.
The number of pending sales, 880 in November, was down 118 from 998 in October.
The sales are happening expeditiously. The homes that had sales close in November were on the market an average of 54 days, the same as October.
The comparison to 2015 remains favorable. Closed sales were up 185 from November 2015, pending sales up 26%. Home sold during November nine days faster than during November 2015.
Buyers have fewer homes to consider. The inventory of homes for sale was 3,403 in November, 17% less than November 2015 and 277 homes or eight percent less than October.
There were 969 new listings during November and 1,215 during October.
The average sales price for homes that closed sale during November was $218,795, up $223 from October and up 2.7% from October 2015. The median price, $185,000 during November, was down $4,000 from October and up 2.7% from a year before.
Friday, December 16, 2016
November Provides a Third Month for Job Losses
November was the third consecutive month for wage job losses in New Mexico. The state dropped 2,300 jobs between, or 0.3%, between November 2015 and November 2016.
The Department of Workforce Solutions released the numbers today.
The numbers are preliminary and not seasonally adjusted.
Retail trade was the biggest loser for the November to November year with 5,500 fewer jobs. Mining and logging (oil and gas) lost “only” 5,100 jobs for the period. Local government education (the public schools) added 900 jobs for month but lost 1,100 for the year.
The sector gainers started with education and health services, (aka mostly Medicaid) with 6,000 new jobs, year over year. This performance continues the slowing of the EHS growth pointed out last month.
Professional and business services added 1,800 jobs. Leisure and hospitality added 1,600.
The metro areas appear to have gained employment (slightly different from wage jobs). Thus the rural counties are taking the hit.
We just think we got trouble. Wyoming lost 8,900 jobs, year over year. Its 3.1% loss was ten times the New Mexico drop. Yet Wyoming is going to give the football coach a big raise.
The Department of Workforce Solutions released the numbers today.
The numbers are preliminary and not seasonally adjusted.
Retail trade was the biggest loser for the November to November year with 5,500 fewer jobs. Mining and logging (oil and gas) lost “only” 5,100 jobs for the period. Local government education (the public schools) added 900 jobs for month but lost 1,100 for the year.
The sector gainers started with education and health services, (aka mostly Medicaid) with 6,000 new jobs, year over year. This performance continues the slowing of the EHS growth pointed out last month.
Professional and business services added 1,800 jobs. Leisure and hospitality added 1,600.
The metro areas appear to have gained employment (slightly different from wage jobs). Thus the rural counties are taking the hit.
We just think we got trouble. Wyoming lost 8,900 jobs, year over year. Its 3.1% loss was ten times the New Mexico drop. Yet Wyoming is going to give the football coach a big raise.
Friday, December 2, 2016
Eeducation and Health Services Show Slower Growth
New Mexico’s economic deceleration continued in the year from October 2015 to October 2016. The state lost 2,900 jobs, or 0.3% for the year. The Department of Workforce Solutions released the numbers Wednesday in its Labor Market Review newsletter.
The state lost 2,000 jobs, year over year, for September, gained 1,800 jobs for August and gained 9,600 jobs for July. The numbers are not seasonally adjusted.
A partial explanation comes from the education and health services sector, (aka mostly Medicaid) which gained 11,700 jobs in the year to July, 9,900 for August, 6,100 for September and ticked ever so slightly up for October to a 6,200-job gain. EHS remains by far the sector producing the most jobs. For the year to October, professional and business services (PBS) was second with 1,700 new jobs, followed by hospitality and leisure (H&L) with 1,000 jobs.
Those same three sectors produced 2,200 new jobs for metro Albuquerque, year over year. H&L led with 800 jobs. PBS and EHS both added 700 jobs. Albuquerque gained 1,900 jobs for the year, down from a 3,600 year-over-year September gain of 3,600.
Manufacturing lost 1,200 jobs in Albuquerque while the combined mining, logging and construction sector gained 1,600. The new jobs must be in construction because the metro has few mining and logging jobs. But what is being built? Facebook has barely started hiring. What else?
The other three metro areas, Las Cruces, Santa Fe and Farmington, generated 1,000 jobs for October, year-over-year, down from 1,200 in September. The main difference was in Farmington, which lost 400 jobs in October after gained 200 in September.
Four states lost a greater percentage of their jobs over the year than did New Mexico. They are Kansas, Oklahoma, North Dakota and Wyoming, the champs with a 3.6% loss. Utah and Colorado were, respectively, four and fifth in percentage job year over year with 3% and 2.5% more jobs.
A happy note for New Mexico of unknown effect came with the December 1 announcement that OPEC cartel member nations plus some other countries will cut oil production. The reaction appears to be higher prices for U.S. producers.
The state lost 2,000 jobs, year over year, for September, gained 1,800 jobs for August and gained 9,600 jobs for July. The numbers are not seasonally adjusted.
A partial explanation comes from the education and health services sector, (aka mostly Medicaid) which gained 11,700 jobs in the year to July, 9,900 for August, 6,100 for September and ticked ever so slightly up for October to a 6,200-job gain. EHS remains by far the sector producing the most jobs. For the year to October, professional and business services (PBS) was second with 1,700 new jobs, followed by hospitality and leisure (H&L) with 1,000 jobs.
Those same three sectors produced 2,200 new jobs for metro Albuquerque, year over year. H&L led with 800 jobs. PBS and EHS both added 700 jobs. Albuquerque gained 1,900 jobs for the year, down from a 3,600 year-over-year September gain of 3,600.
Manufacturing lost 1,200 jobs in Albuquerque while the combined mining, logging and construction sector gained 1,600. The new jobs must be in construction because the metro has few mining and logging jobs. But what is being built? Facebook has barely started hiring. What else?
The other three metro areas, Las Cruces, Santa Fe and Farmington, generated 1,000 jobs for October, year-over-year, down from 1,200 in September. The main difference was in Farmington, which lost 400 jobs in October after gained 200 in September.
Four states lost a greater percentage of their jobs over the year than did New Mexico. They are Kansas, Oklahoma, North Dakota and Wyoming, the champs with a 3.6% loss. Utah and Colorado were, respectively, four and fifth in percentage job year over year with 3% and 2.5% more jobs.
A happy note for New Mexico of unknown effect came with the December 1 announcement that OPEC cartel member nations plus some other countries will cut oil production. The reaction appears to be higher prices for U.S. producers.
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