Friday, June 23, 2017

The Four Metros Together Lose 100 Jobs

Among the state’s four metro areas, it was a 100-job loss for the year from May 2016 to May 2017. The figures are not seasonally adjusted. Thus all the state’s year-over-year gain of 7,500 wage jobs came from the 26 rural counties, plus 100 jobs to cover the metro loss. This is an exceptional performance.
The state’s Department of Workforce Solutions released the metro job numbers today in the May issue of its newsletter, “Labor Market Review.”
The pattern for the three smaller metro areas—Las Cruces, Santa Fe and Farmington—was that a sector gains or loses 100 jobs, then another sector gains or loses 200 jobs. Albuquerque showed some bigger numbers. But then Albuquerque’s wage job total was 389,700 for May. SO there’s more to work with. Albuquerque professional and business services lost 1,600 jobs. State government lost 1,400. Manufacturing lost 1,000. Education and health services added 1,000. Construction added 1,200. Financial activities dropped 600. Transportation gained 700.
Santa Fe, the seat of government, reported the 23rd consecutive monthly job loss, down 100 jobs. The decline was in local government.
The Labor Market Review had to interesting special articles if you’re into numbers without worrying about why the numbers behave that way. “Occupational Employment Statistics (OES) 2016 at a Glance” reviewed employment distribution by major occupational group and discussed the earnings of some occupations. Office and administrative support is the biggest group with 15.3% of the total. That’s nice, but it says little about the functioning of the economy. What do these administrative supporters support?
Architecture and engineers lead average median wages with $85,880. Again, that’s nice. Among some more detailed occupations, pediatricians make the most with an annual median of $192,810.
The other article is “2016 Gross Domestic Product Data.” New Mexico’s GDP trends down.

Friday, June 16, 2017

Mining Job Losses Dropped to 300, Year Over Year

New Mexico’s unemployment rate dropped ever so slightly during May. The change, on a seasonally adjusted basis, was from 6.7% in April and also May 2016 to 6.6% for May 2017. To call the “improvement” less than statistically insignificant seems appropriate.
Colorado continued with the lowest rate, 2.3%. New Mexico swapped places with Alaska is placed second. The DWS release, out this afternoon, studiously avoided these details.
The labor force, seasonally adjusted, grew by 8,062 to 934,867 during the year from May 2016 to May 2017. The number of unemployed stayed essentially the same during the year, dropping by 306 to 61,626 in May.
Statewide there appeared 7,500 net new jobs on a not seasonally adjusted basis during the May to May year with 10,000 jobs in the private sector and 2,500 fewer in government. The big government loss was 2,300 in state government education (post secondary schools), possibly due to the end of the semester.
Mining and logging lost another 300 jobs over the year, suggesting that sector’s three years of job losses may have essentially stopped.
Leisure and hospitality (tourism) led the gaining sectors with 3,500 more jobs, or 3.6% growth. Construction’s growth was 3,200 jobs, a 7.5% gain. Education and health services added 2,500 jobs with the gain split among the two sectors with education up 1,200 and health care up 1,300.

Tuesday, June 13, 2017

Home Sales Resume Climb

After a quick and slight dip during April, metro Albuquerque closed sales of single family detached homes resume the upward climb in May with 1,196 sales, a 215 unit, or 18% increase from April. May sales were 178 units above May 2016.
The Greater Albuquerque Association of Realtors ( released the May sales report yesterday.
Pending sales went the other way during May with 1,279, a drop of 52 from 1,331 in April, and ending down 20 units from 1,299 for March. The pending sales for May were 20.7% above May 2016.
The sales are happening faster. A couple of houses around the corner from me sold recently within a week.
During May homes were on the market an average of 45 days, four days or 8.2% less than May 2016. During April, homes sold in an average of 51 days with 51 days during April.
The inventory of homes for sale, 3,266 during May, is running 20% less than the comparable month during 2016.
Pries are steady to up. The median sales price was $199,950 during May, a $9,950, or 5.2%, increase from May 2016 and up $5,450 from April. The average price was $235,723 for May, down $152 from April. However, the average is up 4% from May 2017, or about $9,000, from My 2016 and up $14,000, or 6%, from April. A couple of million dollar sales can have a material effect on the average price.