Metro area job growth increased on a year-over-year basis from the numbers reported for January. The numbers come from the Labor Market Review, the newsletter of the Department of Workforce Solutions which was released late yesterday afternoon.
For the year between February 2017 and February 2018, Albuquerque added 5,800 jobs; Santa Fe 800; and Farmington 900. Las Cruces dropped 1,500 for the February year, 100 more than disappeared between January 2017 and January 2018. During February Las Cruces added 1,400 jobs, all in government. As reported last week the state added 5,800 jobs.
The state’s 11,000 new jobs over the year represented 1.3% growth which tied for 20th place nationally with four others.
February was a good month for those seeking government jobs. Statewide there were 6,800 new jobs in government (not seasonally adjusted), nearly all in education. State government education added 3,700 jobs with another 2,500 in local government (the k-12 segment).
Albuquerque claimed 2,700 new government jobs during February (40% of the total). There were 1,600 new government jobs in Las Cruces (24%) including 1,400 in state government. For the month, Santa Fe got 1,200 government jobs (18%) with 900 in local government. Farmington should feel left out with only 300 new government jobs.
The year-over-year sector leaders in metro Albuquerque were construction (+2,100), professional and business services (+1,400) and leisure and hospitality (+1,100). In Las Cruces, state government was the largest sector growth leader, down 1,000. Santa Fe’s sector growth leader was leisure and hospitality, up 500.
Saturday, March 31, 2018
Saturday, March 24, 2018
Unemployment Rates Drops to 5.8%; Still Second Nationally
During February New Mexico’s unemployment rate continued to go lower, dropping 5.8% from 6.4% in February 2017. The change was enough to get the “statistically significant” label from the Bureau of Labor Statistics. The state still ranks second nationally in the unemployment rate, but is widening the gap with Alaska, the leader.
The Department of Workforce Solutions released the new BLS numbers yesterday.
New Mexico’s 0.1 point drop in the unemployment rate between January and February made the state one of seven with an unemployment rate decline for the month. However nice, the drop did not rate significance.
New Mexico’s labor force grew by about 7,000 during the year from February 2017 to February 2018, going from 928,003 to 935,149. The number of unemployed dropped from 59,775 to 53,927.
Construction was the sector leader in job additions with 3,500. These numbers are not seasonally adjusted.
Among growing basic industries, leisure and hospitality led with 2,300. Professional and business services added 1,500 with 1,000 more in manufacturing (a big switch for a sector that has been disappearing) and 700 more in mining.
Financial activities added 1,500 jobs for the year. Education and health care show no change, another big switch for a sector that a couple of years ago accounted for nearly all the state’s minimal job growth.
Government gained 300 jobs over the year, a net figure that includes 1,000 fewer education jobs. State government education (universities) lost 800 jobs with 200 gone from local government education (the public schools).
The Department of Workforce Solutions released the new BLS numbers yesterday.
New Mexico’s 0.1 point drop in the unemployment rate between January and February made the state one of seven with an unemployment rate decline for the month. However nice, the drop did not rate significance.
New Mexico’s labor force grew by about 7,000 during the year from February 2017 to February 2018, going from 928,003 to 935,149. The number of unemployed dropped from 59,775 to 53,927.
Construction was the sector leader in job additions with 3,500. These numbers are not seasonally adjusted.
Among growing basic industries, leisure and hospitality led with 2,300. Professional and business services added 1,500 with 1,000 more in manufacturing (a big switch for a sector that has been disappearing) and 700 more in mining.
Financial activities added 1,500 jobs for the year. Education and health care show no change, another big switch for a sector that a couple of years ago accounted for nearly all the state’s minimal job growth.
Government gained 300 jobs over the year, a net figure that includes 1,000 fewer education jobs. State government education (universities) lost 800 jobs with 200 gone from local government education (the public schools).
Tuesday, March 20, 2018
Revisions Reduce 2017 Job Totals
For the year between January 2017 and January 2018, the state’s three job-gaining metro areas produced 5,100 new wage jobs.
Albuquerque accounted for 56% of the statewide year-over-year job growth with 3,900 new wage jobs, a one percent increase. Farmington’s 1.9% increase led the metro percentage growth. Santa Fe added 300 jobs for a 0.5% increase. However, throw in Las Cruces, which lost 1,400 jobs or two percent, for the year and the net metro performance becomes 3,700 new jobs.
The numbers come from the Labor Market Review, the newsletter of the Department of Workforce Solutions which was released yesterday.
For readers’ added enjoyment, the Review offered a bonus, a huge typographical error in the main headline which said, “Highlights: January 2017 Labor Market Data.”
New Mexico’s 0.9% growth lagged next worst performing of eight other peer states in the southwest and Rocky Mountains by half a percentage point. That state was Wyoming with 1.4% job growth for the year.
The state’s unemployment rate dropped from 6.5% in January 2017 to 5.9% in January 2018. We remain entrenched in the ranking of second worst unemployment rate among the states, behind only Alaska, which has 7.3% unemployment.
The new numbers reflect the annual benchmarking process of the federal Bureau of Labor Statistics. This process plugs into the job reports, which usually come from a sampling, a broader count through the quarterly Census of Employment and Wages. With the revisions, individual sectors have their ups and downs.
Overall the revisions were not good news. The average growth rate for 2016 dropped to 0.3%, or 2,800 jobs. The improved performance for the state during 2017 came on a smaller base than was initially supposed. The revisions dropped the average wage job total by 9,000 to 830,500.
Two key sectors gained in reported average employment. Mining was revised up an average of 2,000 jobs. The change made the jobs gains in Lea and Eddy counties consistent with the sector gains. As noted in last week’s post, mining showed a 700-job gain for the year, a nice turn from a month ago when the sector performance was down 700 jobs for the December 2016 to December 2017 year. Professional and business services shows 1,300 more jobs, on average for the year.
The larger drops came in retail trade (2,500), educational services (1,900), leisure and hospitality (2,900) and state government education which mostly means universities (2,000).
Albuquerque accounted for 56% of the statewide year-over-year job growth with 3,900 new wage jobs, a one percent increase. Farmington’s 1.9% increase led the metro percentage growth. Santa Fe added 300 jobs for a 0.5% increase. However, throw in Las Cruces, which lost 1,400 jobs or two percent, for the year and the net metro performance becomes 3,700 new jobs.
The numbers come from the Labor Market Review, the newsletter of the Department of Workforce Solutions which was released yesterday.
For readers’ added enjoyment, the Review offered a bonus, a huge typographical error in the main headline which said, “Highlights: January 2017 Labor Market Data.”
New Mexico’s 0.9% growth lagged next worst performing of eight other peer states in the southwest and Rocky Mountains by half a percentage point. That state was Wyoming with 1.4% job growth for the year.
The state’s unemployment rate dropped from 6.5% in January 2017 to 5.9% in January 2018. We remain entrenched in the ranking of second worst unemployment rate among the states, behind only Alaska, which has 7.3% unemployment.
The new numbers reflect the annual benchmarking process of the federal Bureau of Labor Statistics. This process plugs into the job reports, which usually come from a sampling, a broader count through the quarterly Census of Employment and Wages. With the revisions, individual sectors have their ups and downs.
Overall the revisions were not good news. The average growth rate for 2016 dropped to 0.3%, or 2,800 jobs. The improved performance for the state during 2017 came on a smaller base than was initially supposed. The revisions dropped the average wage job total by 9,000 to 830,500.
Two key sectors gained in reported average employment. Mining was revised up an average of 2,000 jobs. The change made the jobs gains in Lea and Eddy counties consistent with the sector gains. As noted in last week’s post, mining showed a 700-job gain for the year, a nice turn from a month ago when the sector performance was down 700 jobs for the December 2016 to December 2017 year. Professional and business services shows 1,300 more jobs, on average for the year.
The larger drops came in retail trade (2,500), educational services (1,900), leisure and hospitality (2,900) and state government education which mostly means universities (2,000).
Monday, March 12, 2018
Employment Rate Drops to 5.9% as Primary Sectors Add Jobs
Even perennially laggard mining/logging sector gained 700 jobs on a not seasonally adjusted basis between during the year between January 2017 and January 2018. The Department of Workforce Solutions released the initial January job report today.
A number of key sectors added jobs during the year, suggesting, just maybe, that the New Mexico economy is improving, though not a lot on a percentage basis. The figures released today include revisions done as part of what DWS calls the annual benchmarking process. We will know more in a week. That’s when DWS will release its Labor Market Review that will discuss the revisions in detail.
Manufacturing, the other main laggard among the basic industry sectors, added 800 jobs for 3.1% growth.
Construction led the sector performers on a year over year not seasonally adjusted basis with 4,100 more jobs, a 9.6% increase. This too will pass.
Leisure and hospitality led primary sectors with 1,300 more jobs, up 1.4%, followed by professional and business services, up 1.2% or 1,200 jobs.
The state’s unemployment rate dropped from 6.5% to 5.9% during the past year, a seasonally adjusted change considered statistically significant by the federal Bureau of Labor Statistics, which produces the numbers. The labor force grew by about 5,500 during the year while unemployment dropped by 5,500.
A number of key sectors added jobs during the year, suggesting, just maybe, that the New Mexico economy is improving, though not a lot on a percentage basis. The figures released today include revisions done as part of what DWS calls the annual benchmarking process. We will know more in a week. That’s when DWS will release its Labor Market Review that will discuss the revisions in detail.
Manufacturing, the other main laggard among the basic industry sectors, added 800 jobs for 3.1% growth.
Construction led the sector performers on a year over year not seasonally adjusted basis with 4,100 more jobs, a 9.6% increase. This too will pass.
Leisure and hospitality led primary sectors with 1,300 more jobs, up 1.4%, followed by professional and business services, up 1.2% or 1,200 jobs.
The state’s unemployment rate dropped from 6.5% to 5.9% during the past year, a seasonally adjusted change considered statistically significant by the federal Bureau of Labor Statistics, which produces the numbers. The labor force grew by about 5,500 during the year while unemployment dropped by 5,500.
February Average Daily Home Sales Up From January
Sales of single family detached homes in metro Albuquerque recovered a bit in February, though the number of closed sales tells a different tale. The trick is that February had just 28 days. While February’s 693 closed sales were down from January’s 721 sales, February averaged 24.75 sales per day while January, with 721 closed sales, averaged 23.26 sales per day. The February performance beat February 2017 by 37 units, or 5.6%, but was well behind December 2017, which had 904 closed sales, a rate of 29.16 per day.
February saw the sale closed of 67% of the 1,037 sales that were pending during January, a low figure.
Pending sales increased 105 units, or 10%, from January to 1,142 for February. The performance was 22.4%, or 209 units, ahead of February 2017. The increase suggests improvement in March sales.
Both median and average sale prices, while up from February 2017, remain below November 2017. The median price for the February sales was $194,500. The average price was $225,342.
Home sold in an average 58 days during February, a week faster than during February 2017, but slower than the closing months of 2017.
The inventory of homes offered for sale continues down. It was 2,613 during February and 3,565 During August 2017. The inventory was 3,194 during February 2017.
The Greater Albuquerque Association of Realtors released the February sales report today.
February saw the sale closed of 67% of the 1,037 sales that were pending during January, a low figure.
Pending sales increased 105 units, or 10%, from January to 1,142 for February. The performance was 22.4%, or 209 units, ahead of February 2017. The increase suggests improvement in March sales.
Both median and average sale prices, while up from February 2017, remain below November 2017. The median price for the February sales was $194,500. The average price was $225,342.
Home sold in an average 58 days during February, a week faster than during February 2017, but slower than the closing months of 2017.
The inventory of homes offered for sale continues down. It was 2,613 during February and 3,565 During August 2017. The inventory was 3,194 during February 2017.
The Greater Albuquerque Association of Realtors released the February sales report today.
Subscribe to:
Posts (Atom)