The continuing mystery of Las Cruces is one headline from the new issue of the Labor Market Review newsletter released late this afternoon by the Department of Workforce Solutions.
These numbers are not seasonally adjusted unless otherwise noted.
Wage jobs in Las Cruces dropped 1,200, or 1.7%, in the year between August 2017 and August 2018.
Metro Albuquerque scored nearly half the state’s 16,100 new wage jobs with a 6,900 job increase, or 2%, for the August to August year.
Metro Santa Fe (Santa Fe County) added 1,100 jobs with metro Farmington (San Juan County) showing a nice change with 900 new jobs, a 1.9% increase.
For the month between July and August, Albuquerque’s net was not much, a job increase of 100, which DWS observed in droll economistese, “represented zero percent growth after rounding.”
Construction lost 800 jobs, leisure and hospitality was down 400 with finance down 300. Professional and business services added 400 jobs; retail, 200; education and health services, 200; and information and manufacturing, both up 100. State government saved the day with 700 additional jobs.
For the year in Albuquerque, professional and business services drove the growth with 4,100 new jobs, a 6.7% increase. State government grew by 1,900 jobs.
In Santa Fe the seasonally adjusted unemployment rate was 3.7% in July and 3.8% in August. Hardly anyone in Santa Fe wanting a job is unemployed.
For the month, the number of wage jobs dropped 800 in Santa Fe with the losses in the private sector. Over the year, leisure and hospitality added 800 jobs, a 7.1% increase. Education and health services added 400 jobs, for 3.7% growth.
In Las Cruces, government added 1,300 jobs and total wage jobs grew by 1,600. For year, government lost 1,300 jobs.
Friday, September 28, 2018
Sunday, September 23, 2018
Job Growth Slips from 2.2% in July to 1.9% for August
Distracted, again. The Department of Workforce Solutions released the initial August job numbers on Friday, September 21. Here are those numbers.
Wage job growth between August 2017 and August 2018 slipped from July with the percentage growth, 1.9%, down from 2.2% for the July to July year, and the 16,900 job increase was down from 17,900 for July. The unemployment rate, 4.6% in August, continued to drop. The rate was 6% in August 2017. That’s almost a 25% drop in a year. Nice.
Primary sectors all grew nicely. Leisure and hospitality against led the sector job production with 5,500 jobs, a 5.5% increase. The percentage growth was 6.6% in July with 6,500 new jobs. I stick with the theory that the leisure and hospitality growth has much more to do with the national economic health and with the performance of New Mexico’s neighbors such as Utah and Colorado, which are booming or close to it. Those resident are bringing some of their spare money here.
Professional and business services added 4,000 jobs for 3.8% growth. Construction gained 2,300 jobs, or 5%. The smaller mining sector added 700 jobs for 3.3% growth. Even manufacturing added 700 jobs for a 3.8% increase.
Transportation, warehousing and utilities added 1,700 jobs, a nice 7% increase, possibly in part reflecting drilling growth in Lea and Eddy counties; you’ve got transport all that petroleum somehow.
Arizona’s 4.6% August unemployment rate tied New Mexico. West Virginia, Mississippi and Louisiana have pushed ahead of New Mexico in unemployment ranking. Alaska retains the nation’s highest rate with 6.7% followed by the District of Columbia.
Wage job growth between August 2017 and August 2018 slipped from July with the percentage growth, 1.9%, down from 2.2% for the July to July year, and the 16,900 job increase was down from 17,900 for July. The unemployment rate, 4.6% in August, continued to drop. The rate was 6% in August 2017. That’s almost a 25% drop in a year. Nice.
Primary sectors all grew nicely. Leisure and hospitality against led the sector job production with 5,500 jobs, a 5.5% increase. The percentage growth was 6.6% in July with 6,500 new jobs. I stick with the theory that the leisure and hospitality growth has much more to do with the national economic health and with the performance of New Mexico’s neighbors such as Utah and Colorado, which are booming or close to it. Those resident are bringing some of their spare money here.
Professional and business services added 4,000 jobs for 3.8% growth. Construction gained 2,300 jobs, or 5%. The smaller mining sector added 700 jobs for 3.3% growth. Even manufacturing added 700 jobs for a 3.8% increase.
Transportation, warehousing and utilities added 1,700 jobs, a nice 7% increase, possibly in part reflecting drilling growth in Lea and Eddy counties; you’ve got transport all that petroleum somehow.
Arizona’s 4.6% August unemployment rate tied New Mexico. West Virginia, Mississippi and Louisiana have pushed ahead of New Mexico in unemployment ranking. Alaska retains the nation’s highest rate with 6.7% followed by the District of Columbia.
Tuesday, September 18, 2018
During August, Abq Single Family Home Prices Post 2018 High
The Greater Albuquerque Association of Realtors released the August sales report eight days ago. Our time slipped away to Santa Fe and Las Cruces. Here are the numbers, belatedly.
Sales closed for single family detached homes in metro Albuquerque were 1,171 during August. That’s up 4.8% from August 2017 and less, 2%, from July 2018. Closed sales were 1,240 in May, the 2018 high, and 1212 in June. The homes with the sale closed during August were on the market for an average 41 days, three days longer than during July and a day more than June, but three days, or 6.8%, less than the 44 days for August 2017.
My former rule-of-thumb relationship between sales closed in one month and sales pending in the previous month is upset if not destroyed. It seems that nearly all the sales pending in one month are closing the next month. For example, the 1,171 sales closed during August followed 1,144 pending sales during July. The old 45-day closing period now looks more like 30 days.
Prices continue up. Both the median and the average prices during August increased more than six percent from August 2017. August’s sales prices were the highest of 2018.
The median price for August was $215,000, a $7,500, or 3.6%, increase from July. The June median price was $211,670.
The average price grew $5,070 during August to $251,598, a $5,070 hike, or 2.1%.
There were 3,326 homes available for sale during August, a 16.4% drop.
So let’s see: With a reduced supply, we find higher prices.
Sales closed for single family detached homes in metro Albuquerque were 1,171 during August. That’s up 4.8% from August 2017 and less, 2%, from July 2018. Closed sales were 1,240 in May, the 2018 high, and 1212 in June. The homes with the sale closed during August were on the market for an average 41 days, three days longer than during July and a day more than June, but three days, or 6.8%, less than the 44 days for August 2017.
My former rule-of-thumb relationship between sales closed in one month and sales pending in the previous month is upset if not destroyed. It seems that nearly all the sales pending in one month are closing the next month. For example, the 1,171 sales closed during August followed 1,144 pending sales during July. The old 45-day closing period now looks more like 30 days.
Prices continue up. Both the median and the average prices during August increased more than six percent from August 2017. August’s sales prices were the highest of 2018.
The median price for August was $215,000, a $7,500, or 3.6%, increase from July. The June median price was $211,670.
The average price grew $5,070 during August to $251,598, a $5,070 hike, or 2.1%.
There were 3,326 homes available for sale during August, a 16.4% drop.
So let’s see: With a reduced supply, we find higher prices.
Friday, September 7, 2018
Martinez Legacy Claims Are Nonsense
Gov. Susana Martinez seems to be operating on the theory that if you say something often enough, people will believe. I once knew a radio sales manager with the same theory.
On December 13, 2017, the Albuquerque Journal’s Dan McKay reported on fliers mailed by a non-profit group New Mexico Legacy. The fliers touted the Martinez record. McKay’s email inquiry to group secretary Jessica Perez drew a response from Jay McCleskey, consigliere to Gov. Susan Martinez.
New Mexico Legacy is back. The corporate officials remain as McKay reported: President, Amy Orlando, Treasurer, Rob Doughty and Jessica Perez, secretary. The listed address is 3736 Eubank Blvd NE, Suite B-3. Doughty, an attorney, is a member of the University of New Mexico board or regents.
The New Mexico Legacy reappearance came in the form of an email I received this afternoon at 2:29.
The email copy said some untrue things and vastly exaggerated others. In the email she claims credit for “turning the largest budget deficit in state history into a $1.2 billion surplus (without raising taxes).” That happy $1.2 billion of “new money” happened because the Permian and Delaware Basins in southeast New Mexico turned into the hottest oil production places in the nation, not because Martinez did anything.
Martinez claims credit for “the unemployment rate dropping from 7.7% in 2011 to under 5% today.” The rate dropped because of the national economic performance somehow dropping through to New Mexico, not because Martinez did anything. Our healthy tourism sector is because people in other states such as Texas and Colorado are prospering and therefore have extra money to spending in New Mexico.
Martinez claims she “has cut taxes and fees 61 times.” Martinez used to talk about 37 tax cuts. I assume the 37 were included in the 61. I reviewed the 37 in a February 2017 column. Two of the bills increased tax rates, one changed definitions and 34 cut taxes. One tax cut winner was a property tax exemption for property owned by a veteran’s organization and used for organization activities. (HB 437 in 2011).
On the website, susanamartinez.com, Martinez claims the $1.2 billion under the headline, “Balancing the Budget.” That the budget was balanced is a standard claim of governors. The claim is specious. The constitution requires that the budget be balanced. Besides, the legislature, in particular the Legislative Finance Committee, has a whole lot to do with budget balancing.
Overall, the Martinez email is bullshit.
On December 13, 2017, the Albuquerque Journal’s Dan McKay reported on fliers mailed by a non-profit group New Mexico Legacy. The fliers touted the Martinez record. McKay’s email inquiry to group secretary Jessica Perez drew a response from Jay McCleskey, consigliere to Gov. Susan Martinez.
New Mexico Legacy is back. The corporate officials remain as McKay reported: President, Amy Orlando, Treasurer, Rob Doughty and Jessica Perez, secretary. The listed address is 3736 Eubank Blvd NE, Suite B-3. Doughty, an attorney, is a member of the University of New Mexico board or regents.
The New Mexico Legacy reappearance came in the form of an email I received this afternoon at 2:29.
The email copy said some untrue things and vastly exaggerated others. In the email she claims credit for “turning the largest budget deficit in state history into a $1.2 billion surplus (without raising taxes).” That happy $1.2 billion of “new money” happened because the Permian and Delaware Basins in southeast New Mexico turned into the hottest oil production places in the nation, not because Martinez did anything.
Martinez claims credit for “the unemployment rate dropping from 7.7% in 2011 to under 5% today.” The rate dropped because of the national economic performance somehow dropping through to New Mexico, not because Martinez did anything. Our healthy tourism sector is because people in other states such as Texas and Colorado are prospering and therefore have extra money to spending in New Mexico.
Martinez claims she “has cut taxes and fees 61 times.” Martinez used to talk about 37 tax cuts. I assume the 37 were included in the 61. I reviewed the 37 in a February 2017 column. Two of the bills increased tax rates, one changed definitions and 34 cut taxes. One tax cut winner was a property tax exemption for property owned by a veteran’s organization and used for organization activities. (HB 437 in 2011).
On the website, susanamartinez.com, Martinez claims the $1.2 billion under the headline, “Balancing the Budget.” That the budget was balanced is a standard claim of governors. The claim is specious. The constitution requires that the budget be balanced. Besides, the legislature, in particular the Legislative Finance Committee, has a whole lot to do with budget balancing.
Overall, the Martinez email is bullshit.
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