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ICYMI Local Experts Say ABQ Economy is Turning Around

ICYMI Local Experts Say ABQ Economy is Turning Around

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Published by BerryCampaignPress
According to an article in Friday's Albuquerque Journal, local experts believe that the worst economic climate since the Great Depression appears to be turning around in the city. Among other positive signs, Albuquerque saw a significant dip in unemployment last month, demonstrating that steady and responsible leadership has put the city on the right track.
According to an article in Friday's Albuquerque Journal, local experts believe that the worst economic climate since the Great Depression appears to be turning around in the city. Among other positive signs, Albuquerque saw a significant dip in unemployment last month, demonstrating that steady and responsible leadership has put the city on the right track.

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Published by: BerryCampaignPress on Jun 07, 2013
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08/29/2013

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In Case You Missed It:
LOCAL EXPERTS: ABQ ECONOMY TURNING AROUND
 
 AMONG OTHER POSITIVE SIGNS, CITY SEES SIGNIFICANT DIP IN UNEMPLOYMENT 
  ALBUQUERQUE, NM
According to an article in Friday's Albuquerque Journal, local expertsbelieve that the worst economic climate since the Great Depression appears to be turningaround in the city. Among other positive signs, Albuquerque saw a significant dip inunemployment last month, demonstrating that steady and responsible leadership has put thecity on the right track.The article went on to say:"Among the positive signs: Bureau of Labor Statistics revisions of the December jobs reportwere in an upward direction; construction employment has been growing; and payroll growth, as
measured by the state’s largest workers compensation insurance underwriter, is consistently
positive in all areas of the state."The news also comes on the heels of a recent report that showed a 24 percent increase inpending home sales, the highest number since May 2006.
ABQ economy: The worst might be over 
The Albuquerque JournalBy Winthrop QuigleyFri, Jun 7, 2013http://www.abqjournal.com/main/207855/news/the-worst-might-be-over-2.html 
 April’s employment gains in the Albuquerque met
ropolitan area marked the best performance
the city’s economy has seen in four years.
 While one month does not a trend make, some local experts are allowing themselves toconsider the possibility that the worst might be over for an economy that has been staggeringlong after the national recession ended in 2009.The Department of Workforce Solutions said the Albuquerque Metropolitan Statistical Areagained 2,700 jobs between April 2012 and April 2013, a 0.7 percent growth rate. Thedepartment called the j
ob growth numbers “positive signs for the MSA that was hit hard duringthe recession.”
 The MSA includes Bernalillo, Sandoval, Torrance and Valencia counties.The MSA lost 1,400 jobs year-over-year in March, according to seasonally adjusted WorkforceSolutions data, but it still gained 2,200 jobs over February.
 
State and national labor statistics for May are to be released today. MSA-level data for May
won’t be available until late June.
 
Workforce Solutions public information officer Joy Forehand said the department isn’tcelebrating yet, though the latest numbers are “exciting.”
 
“We’re starting to see sustained improvement in employment numbers statewide sinceOctober,” she said. “Albuquerque has been the last area to show significant improvement.”
 
She cautioned that April’s good employment numbers will be revised when the federal Bureau
of Labor Statistics uses its statistical tools to polish the data.
“We’re cautious,” she said. “We’re watching for a few months to see where the trend is going.”
 Lee Reynis of the University of New Mexico Bureau of Business and Economic Research
believes “what’s going on is we’re beginning to see the economy turn around.”
  Among the positive signs: Bureau of Labor Statistics revisions of the December jobs report werein an upward direction; construction employment has been growing; and payroll growth, as
measured by the state’s largest workers compensation insurance underwriter, is consistently
positive in all areas of the state.
“The construction sector has been negative for a very long time, though less negative as westarted this year,” Reynis said. In April, the sector added 1,000 jobs, possibly because
residential real estate values have been improving. Historically in Albuquerque, whenconstruction is doing well other sectors of the economy do well, too.
Improvement in construction and rising home prices indicate “there is some underlying strength
in the economy that is encouraging people to move h
ere, get houses and take jobs,” Reynis
said.
Where that strength is, assuming it’s really there, is not clear yet. The data do show the MSA
continues to add jobs in education and health services, leisure and hospitality (which nowrepresents 40,000 jobs in the Albuquerque area), information, wholesale trade, finance, and instate and local government. Area manufacturers and the professional and business servicessector continue to shed jobs.New Mexico Mutual looked at its workers compensation insurance premium data beginning in2008 to see if they show a trend. Premiums are based on payrolls and can suggest whether 
New Mexico’s employers are increasing the number of hours employees work and the number 
of workers employed.

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