In reporting last week the net increase of 9,600 wage jobs, not seasonally adjusted, between November 2016 and November 2017, I forgot to mention a salient detail—increase was down by 3,600 of 27% from the 13,200 jobs added in October, year over year. The October to October jump sparked amazement and doubt at the New Mexico Tax Research Institute conference December 19. The wizards aren’t confident the 13,200 increase is real.
The November to November increase was 1.1%. Rural counties dominated. For the period, while the 3,000-job increase in Albuquerque sounds nice, it was just 0.8%, behind the state growth rate. Las Cruces and Santa Fe lost 400 jobs between them. Farmington showed no change.
The Department of Workforce Solutions released the November issues of the Labor Market Review newsletter this morning.
Lea and Eddy counties accounted for about 2,450 of the 9,600 new jobs, roughly a quarter. The comparison has some apples and sagebrush, one number being jobs, the other being employment, but its close enough. The number is also well under the Lea/Eddy gain of 3,245 reported last week. No explanation there; maybe I can’t read.
Friday, December 29, 2017
Friday, December 22, 2017
Job Gains Continue; Government Employment Drops 3,000
The New Mexico economy keeps chugging along, producing jobs at a rate that’s more than decent for New Mexico. The Department of Workforce Solutions released summary numbers today.
The increase in wage jobs between November 2016 and November 2017 was 1.1%, not enough to be statistically significant for the federal Bureau of Labor Statistics but also not enough to complain about. The net increase of 9,600 jobs, not seasonally adjusted, was comprised of 12,600 new jobs in private sector and 3,000 fewer government jobs.
The state’s year-over-year unemployment rate change from 6.7% to 6.1% in November 2017 is statistically significant, the BLS says. Even so, it appears we still claim the nation’s second highest unemployment rate. The unemployment rate did not change between October and November.
Local government was the loss leader, down 1,500 jobs including 300 from education. The state dropped 1,400 jobs including 900 in education.
Construction produced 3,000 jobs over the year. Construction jobs reflect other things, so the increase is difficult to specify other than the Facebook job outside Los Lunas.
Leisure and hospitality, much of which is tourism, added 2,600 jobs, followed by 2,000 in professional and business services.
Financial activities produced 1,600 new jobs during the year. Educational services added 1,400. There are 1,400 new jobs in transportation, warehousing and utilities, many of which are in Santa Teresa around the port of entry.
Mining lost 600 jobs during the year. (The category is actually mining and logging, but there are few logging jobs.) The report seems curious because Eddy and Lea counties showed an employment gain of 3,245 year-over-year. (“Employment” and “wage jobs” come from different sources. The two counties host much of the state’s oil and gas production plus potash.
Employment in four-county metro Albuquerque grew by 5,330 during the year with 84% of the increase in Bernalillo County.
The increase in wage jobs between November 2016 and November 2017 was 1.1%, not enough to be statistically significant for the federal Bureau of Labor Statistics but also not enough to complain about. The net increase of 9,600 jobs, not seasonally adjusted, was comprised of 12,600 new jobs in private sector and 3,000 fewer government jobs.
The state’s year-over-year unemployment rate change from 6.7% to 6.1% in November 2017 is statistically significant, the BLS says. Even so, it appears we still claim the nation’s second highest unemployment rate. The unemployment rate did not change between October and November.
Local government was the loss leader, down 1,500 jobs including 300 from education. The state dropped 1,400 jobs including 900 in education.
Construction produced 3,000 jobs over the year. Construction jobs reflect other things, so the increase is difficult to specify other than the Facebook job outside Los Lunas.
Leisure and hospitality, much of which is tourism, added 2,600 jobs, followed by 2,000 in professional and business services.
Financial activities produced 1,600 new jobs during the year. Educational services added 1,400. There are 1,400 new jobs in transportation, warehousing and utilities, many of which are in Santa Teresa around the port of entry.
Mining lost 600 jobs during the year. (The category is actually mining and logging, but there are few logging jobs.) The report seems curious because Eddy and Lea counties showed an employment gain of 3,245 year-over-year. (“Employment” and “wage jobs” come from different sources. The two counties host much of the state’s oil and gas production plus potash.
Employment in four-county metro Albuquerque grew by 5,330 during the year with 84% of the increase in Bernalillo County.
Tuesday, December 12, 2017
Abq Home Sales Flat
November’s detached single family homes sales in metro Albuquerque were flat as compared to November 2016. Sales were down from October and homes took five days longer to sell, though the average sale was three days faster than a year before.
The Greater Albuquerque Association of Realtors released the November sales report yesterday.
November saw the sale closed for 826 homes, 144 or 15% fewer than during October. The sale of 821 homes closed during November 2016.
Homes sold during November after an average of 51 days on the market.
Average and median home prices have been fairly steady the past six months. However, the November average price—$237,089—was up 8.4% or almost $20,000 from a year before. The median price—$199,650—increased $16,650, or 9.1%, from November 2016.
Pending sales, a leading indicator of sorts for sales closing the following month, were 917 during November, a 24.4% jump from November 2016. Pending sales were down 133 units, or 13%, from October. The decline can be assumed to be mostly seasonal.
The Greater Albuquerque Association of Realtors released the November sales report yesterday.
November saw the sale closed for 826 homes, 144 or 15% fewer than during October. The sale of 821 homes closed during November 2016.
Homes sold during November after an average of 51 days on the market.
Average and median home prices have been fairly steady the past six months. However, the November average price—$237,089—was up 8.4% or almost $20,000 from a year before. The median price—$199,650—increased $16,650, or 9.1%, from November 2016.
Pending sales, a leading indicator of sorts for sales closing the following month, were 917 during November, a 24.4% jump from November 2016. Pending sales were down 133 units, or 13%, from October. The decline can be assumed to be mostly seasonal.
Sunday, December 3, 2017
Pearce, Cervantes Shine at Stockmen's Candidate. Lujan Grisham Doesn't Come
A non-event was the big news at the governor candidate forum yesterday at the New Mexico Stockmen’s convention in Albuquerque.
Rep. Michelle Lujan Grisham didn’t show. I did not hear an explanation of MLG’s absence. There was just the empty chair on the podium with the four male candidates.
The Democrats are Jeff Apodaca (www.apo18.com) of Albuquerque, Peter DeBenedittis (http://peterd4gov.com) of Santa Fe, Sen. Joseph Cervantes (joe4nm.com) of Las Cruces. The Republican is Rep. Steve Pearce (http://peopleforpearce.com) of Hobbs.
One reaction was that MLG has blown off the rural areas, that her strength will be in Albuquerque and Santa Fe.
Attending the stockmen’s gathering was worth it for candidates. It offered the only opportunity to get the stockmen in one place before the November 6, 2018 general election.
The other news wasn’t exactly a surprise. Cervantes and Pearce are clearly the choice among the five candidates in terms of experience, demeanor, and ideas.
Apodaca is sincere enough. But he styles himself an outsider which is ridiculous given that his dad, Jerry Apodaca, was governor, means that Jeff grew up around politics. Poppa Jerry later ran for the U.S. Senate, but lost in the primary. Apodaca’s other problem is that what seems his main issue—he kept repeating it—is taking the state’s permanent fund money—$26 billion, he said—and spending in the state to solve all our problems. Other than that it was platitudes and banality.
DeBenedittis offered a first for me; a panel moderator shuting off a topic. DeBenedittis was attacking Pearce for taking the big money that elections cost these days including $1 million from livestock interests. The moderator interrupted with, “We don’t need to go there, sir.”
DeBenedittis, the real outsider, makes MLG look somewhat moderate by comparison. And he is arrogant about it. Maybe he will draw a few of the far left voters from MLG.
Cervantes is the third generation of a family of farmers from southern Dona Ana County. He talked of running a business—meeting a payroll—while serving in the legislature. “I have been a reformer in Santa Fe,” he said, citing instances. Protecting water is a first priority, as is expanding and growing new markets. “We need to make the public understand how important agriculture is,” he said.
Pearce grew up on a very small family farm south of Hobbs. He talked of four principles, three of which are faith, family and freedom. (I didn’t get the fourth one.)
On health care, Pearce clearly knows the policy details, a good thing since he is in Washington, D.C., dealing with those details. He mentioned value-added production such as small refineries and restarting the timber business. He said that if we got rid of fracking, a desire of DeBenedittis, the state would suffer a substantial economic because oil and gas produced through fracking technology is a large part of the state’s production.
Rep. Michelle Lujan Grisham didn’t show. I did not hear an explanation of MLG’s absence. There was just the empty chair on the podium with the four male candidates.
The Democrats are Jeff Apodaca (www.apo18.com) of Albuquerque, Peter DeBenedittis (http://peterd4gov.com) of Santa Fe, Sen. Joseph Cervantes (joe4nm.com) of Las Cruces. The Republican is Rep. Steve Pearce (http://peopleforpearce.com) of Hobbs.
One reaction was that MLG has blown off the rural areas, that her strength will be in Albuquerque and Santa Fe.
Attending the stockmen’s gathering was worth it for candidates. It offered the only opportunity to get the stockmen in one place before the November 6, 2018 general election.
The other news wasn’t exactly a surprise. Cervantes and Pearce are clearly the choice among the five candidates in terms of experience, demeanor, and ideas.
Apodaca is sincere enough. But he styles himself an outsider which is ridiculous given that his dad, Jerry Apodaca, was governor, means that Jeff grew up around politics. Poppa Jerry later ran for the U.S. Senate, but lost in the primary. Apodaca’s other problem is that what seems his main issue—he kept repeating it—is taking the state’s permanent fund money—$26 billion, he said—and spending in the state to solve all our problems. Other than that it was platitudes and banality.
DeBenedittis offered a first for me; a panel moderator shuting off a topic. DeBenedittis was attacking Pearce for taking the big money that elections cost these days including $1 million from livestock interests. The moderator interrupted with, “We don’t need to go there, sir.”
DeBenedittis, the real outsider, makes MLG look somewhat moderate by comparison. And he is arrogant about it. Maybe he will draw a few of the far left voters from MLG.
Cervantes is the third generation of a family of farmers from southern Dona Ana County. He talked of running a business—meeting a payroll—while serving in the legislature. “I have been a reformer in Santa Fe,” he said, citing instances. Protecting water is a first priority, as is expanding and growing new markets. “We need to make the public understand how important agriculture is,” he said.
Pearce grew up on a very small family farm south of Hobbs. He talked of four principles, three of which are faith, family and freedom. (I didn’t get the fourth one.)
On health care, Pearce clearly knows the policy details, a good thing since he is in Washington, D.C., dealing with those details. He mentioned value-added production such as small refineries and restarting the timber business. He said that if we got rid of fracking, a desire of DeBenedittis, the state would suffer a substantial economic because oil and gas produced through fracking technology is a large part of the state’s production.
Subscribe to:
Posts (Atom)