New Mexico. A summary of regional economic indicators for the state of New Mexico. FEDERAL RESERVE BANK of KANSAS CITY

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1 THE ECONOMIC DATABOOK A summary of regional economic indicators for the state of JULY 24, 217 FEDERAL RESERVE BANK of KANSAS CITY SUMMARY OF CURRENT NEW MEXICO ECONOMIC CONDITIONS In, the unemployment rate was 6.4 percent in June, and total payroll employment expanded 1.1 percent compared to the previous year. Employment growth was mixed across industries, with the strongest gains in the construction and leisure and hospitality sectors. New Mexico nominal personal income grew 2.1 percent in the first quarter of 217 compared to the previous year, with workplace earnings up 2.2 percent. Home prices increased 5.7 percent in the first quarter of 217 compared to a year ago, while single-family and multifamily permits recorded a 7.3 and -66. percent change, respectively, year-to-date through May 217. In April 217, crude oil production was up 9.1 percent over last year, and rig counts were well above year-ago levels. New Mexico exports were 16.7 percent lower in the first quarter of 217 compared to the same period last year. This databook provides current economic indicators to help monitor trends and allow comparison of past information. These indicators include: employment; employment by industry; county and state unemployment; personal income; home prices; housing indicators; manufacturing activity; oil, gas and coal production; and exports. These indicators can be found on the following pages. Alison Felix is Vice President and Denver Branch Executive. In this role, Felix is the Federal Reserve Bank of Kansas City s regional economist and lead officer in Colorado, Wyoming and northern. She is responsible for briefing the Kansas City Fed s President on the economy in these states and the Tenth District. 1

2 REGIONAL LABOR MARKET INDICATORS June 217 Unemployment Rates Unemployment Rates June 217 Unemployment Rate 4.4% 6.4% Unemployment Rate, Last Year 4.9% 6.7% 12% 1% 8% Unemployment Rates, 1 Over 6% 5 to 6% 4 to 5% 3 to 4% Under 3% 6% 4% 2% % Note: Gray bars indicate recession. June 217 Payroll Employment, Year-over-Year Percent Change Payroll Employment June 217 Jobs (Thousands ) 146, Change from Last Year 1.6% 1.1% Over 3% 2 to 3% 1 to 2% to 1% Under % Source: Bureau of Labor Statistics/Haver Analytics 8% 6% 4% 2% % -2% -4% -6% Payroll Employment, Year-over-Year Percent Change -8% Note: Gray bars indicate recession. 1 2

3 COUNTY UNEMPLOYMENT May 217 Unemployment Rates & Civilian Labor Force Over 8% 7 to 8% 6 to 7% 5 to 6% Under 5% Percent Unemployed Labor Force (Thousands ) Percent Unemployed Labor Force (Thousands ) 4.3% 159, Rio Arriba Grant Luna Sandoval McKinley Chaves Torrance Colfax Taos Guadalupe Sierra Otero Mora Eddy Cibola Lincoln San Miguel Bernalillo San Juan Santa Fe Lea Roosevelt Dona Ana Curry Harding De Baca Catron Hidalgo Valencia Union Socorro Los Alamos Quay Source: Bureau of Labor Statistics/Haver Analytics 3

4 SELECTED EMPLOYMENT INDICATORS Payroll Employment 18 Payroll Employment Ten-Year Index of Growth Jobs (Thousands ) 146, Change from Last Year 2, (Thousands) June 217 Share of U.S. Employment.6% Jun '7 Jun '9 Jun '11 Jun '13 Jun '15 Jun '17 Labor Force Dynamics Ten-Year Index of Growth, 18 Employed (Household Survey) Unemployed Jun '7 Jun '9 Jun '11 Jun '13 Jun '15 Jun ' Jun '7 Jun '9 Jun '11 Jun '13 Jun '15 Jun '17 16 Labor Force Unemployment Insurance Claims Jun '7 Jun '9 Jun '11 Jun '13 Jun '15 Jun ' Jun '7 Jun '9 Jun '11 Jun '13 Jun '15 Jun '17 Source: Bureau of Labor Statistics & Department of Labor/Haver Analytics 4

5 SELECTED EMPLOYMENT INDICATORS Payroll Employment by Industry Construction Leisure & Hospitality Trans., Ware., & Utilities Information Federal Government Prof. & Business Services Other Services Financial Activities Education & Health Services Retail Trade Wholesale Trade State Government Local Government Mining & Logging Manufacturing June 217 Percent Change Year-over-Year -.9% -2.2% -2.3% -2.6% -3.% 8.2% 6.6% 3.7% 2.6% 1.4% 1.3% 1.1%.9%.7%.5% 115 Ten-Year Index of Growth 85 7 Construction 55 Share of Jobs 4.7% 5.5% Manufacturing 175 Mining & Logging 9 8 Share of Jobs %.5% 6 3.1% % 11 Retail Trade 15 Wholesale Trade % 4.% % % 12 Transportation, Warehousing, & Utilities % 3.% Source: Bureau of Labor Statistics/Haver Analytics 5

6 SELECTED EMPLOYMENT INDICATORS Payroll Employment by Industry Ten-Year Index of Growth, 13 Information 12 Professional & Business Services Financial Activities Share of Jobs 11 Share of Jobs 1.9% 14.1% 9 1.5% % % 4.% 14 Private Education & Health Services 11 Other Services % 3.9% % 9 3.4% 13 Leisure & Hospitality 13 Federal Government % 1.9% 12.1% 9 3.6% 11 State Government 16 Local Government % 9.9% % % Source: Bureau of Labor Statistics/Haver Analytics 6

7 1% Nominal Personal Income Growth Contributions to Percent Change Year-over-Year, WAGE & INCOME INDICATORS 1% 5% 5% 2.1% % % -5% '12Q1 '13Q1 '14Q1 '15Q1 '16Q1 '17Q1 Contributions to Social Insurance Transfer Payments Dividends, Interest & Rent Residence Adjustment Earnings by Place of Work Total Personal Income 217Q1 Percent Change Year-over-Year Total Personal Income 3.7% 2.1% Share of Personal Income Earnings by Place of Work 3.8% 2.2% 71.8% 65.2% Social Insurance* -4.2% -2.3% -7.8% -8.2% Residence Adjustment 26.3%.1% Dividends, Interest & Rent 3.6% 3.4% 18.6% 18.7% Transfer Payments 3.9% 1.1% 17.5% 24.1% -5% *Subtracted from personal income. $27 $26 $25 Real Average Hourly Wage Current Dollars, $27 $26 $25 June 217 Average Hourly Wage $26.23 $2.83 $24 $23 $22 $24 $23 $22 Real Change from Last Month.1% -1.1% Last Year.8% 1.% $21 $21 $2 $2 $19 $19 Jun '12 Jun '13 Jun '14 Jun '15 Jun '16 Jun '17 Source: Bureau of Economic Analysis & Bureau of Labor Statistics/Haver Analytics 7

8 SELECTED HOUSING INDICATORS 115 FHFA Purchase-Only Home Price Index Ten-Year Index of Growth, % Rental Vacancy Rates 16% 12% 12% % 8% 7 7 '7Q1 '9Q1 '11Q1 '13Q1 '15Q1 '17Q1 4% 4% '7Q1 '9Q1 '11Q1 '13Q1 '15Q1 '17Q1 15 Housing Permits Ten-Year Index of Growth, Summary Statistics Prices (217Q1)* 6.% 5.7% Vacancy Rates (217Q1) 7.% 1.5% Permits (Year-to-Date )* Single Family 1.5% 7.3% Multifamily -.8% -66.% May '7 May '9 May '11 May '13 May '15 May '17 *Percent change year-over-year. Top 1 Counties for Permit Activity Year-to-Date through May Bernalillo Dona Ana Sandoval Eddy Chaves Santa Fe Valencia San Juan Lea Taos 217 Single Family Multifamily 216, Year-to-Date Source: Federal Housing Finance Agency (FHFA) & Census Bureau/Haver Analytics 8

9 SELECTED ENERGY INDICATORS Energy Activity Oil & Gas Rig Counts Number of Active Drilling Rigs June 217 Rig Count Change from Last Month 38 3 Last Year Share of U.S. Activity 6.3% Jun '7 Jun '9 Jun '11 Jun '13 Jun '15 Jun '17 16, 14, 12, 1, 8, 6, 4, 2, Crude Oil Production Thousand Barrels per Month, Apr '7 Apr '9 Apr '11 Apr '13 Apr '15 Apr '17 16, 14, 12, 1, 8, 6, 4, 2, April 217 Production 272,94 13,223 Change from Last Month -.5%.9% Last Year 1.6% 9.1% Share of U.S. Activity 4.8% 3, 2,5 2, 1,5 1, Coal Production Thousand Short Tons, 3, 2,5 2, 1,5 1, June 217 Production 68, Change from Last Month.9% 3.7% Last Year 12.6% 1.1% 5 5 Share of U.S. Activity 1.4% Jun '7 Jun '9 Jun '11 Jun '13 Jun '15 Jun '17 Source: Baker Hughes & Department of Energy, Energy Information Administration/Haver Analytics 9

10 2 Global Exports Ten-Year Index of Growth, Q1 Exports (Millions) $383,78.7 $855.7 Change from SELECTED TRADE INDICATORS Last Quarter 3.6% -13.8% Last Year (year-to-date ) 7.3% -16.7% Share of U.S. Activity.2% 5 5 '7Q1 '9Q1 '11Q1 '13Q1 '15Q1 '17Q1 216 Exports as a Percent of GDP 7.8% 3.9% Exports Year-to-Date through 217Q1 Percent Change Year-over-Year Over % 5 to % 25 to 5% to 25% -25 to % Below -25% Not Applicable Top Markets Share Top Exports Share 1 Mexico 45.3% 1 Computers & Electronics 48.5% 2 China* Fabricated Metal Products Turkey 4. 3 Transportation Equip Singapore Misc. Manufactures Canada Food Germany Electronic Equip. & Appliances Japan Machinery (Except Electrical) South Korea Chemicals & Rare Earth Metals Saudi Arabia Plastics & Rubber Products Belgium 1. 1 Primary Metals 1.9 *Includes Hong Kong, Taiwan, and Macao. Source: Census Bureau, WISERTrade & Bureau of Economic Analysis/Haver Analytics 1

11 NOTES Pages 2 and 3: County unemployment rates typically lag state data releases by one month. Gray bars show recessionary periods as designated by the National Bureau of Economic Research. The "official" and most commonly reported unemployment rate is calculated as the number of unemployed workers divided by the total civilian labor force. These data are reported from the Bureau of Labor Statistics Current Population Survey, or commonly called the "Household" survey. Page 2 and 4: Nonfarm employment data from the Bureau of Labor Statistics Current Employment Survey are commonly called "Payroll" employment data. Estimates from this survey are revised throughout the year and a major revision or "benchmark" of the data occurs in March of each year. "Payroll" and "Household" surveys are released monthly, providing the most current estimates of employment published by the Bureau of Labor Statistics. Because methodologies differ between surveys, employment estimates also differ. For more information, visit: Initial claims show monthly applications for initial claims for state unemployment insurance benefits. Pages 5 and 6 : Payroll employment by industry is shown for each of the major two-digit North American Industrial Classification System industries. Data Revisions Most data are revised periodically to correct for errors and incorporate additional information as it becomes available. Data shown in this report are subject to change. Seasonal Adjustments Most data are seasonally adjusted to remove variance caused by seasonal fluctuations in economic activity. Data in this report show the seasonal adjustments of data publishers where available. In other cases, Census X- 12 adjustments were applied. Regional Economic Analysis Sign up to receive The Economic Databook and other publications each month via using the link below: For regional economic analysis on the state of, read the latest issues of The Rocky Mountain Economist: Page 7 : Personal income provides a measure of all income received by residents of a given geographic area. Data shown are in nominal terms (not adjusted for inflation). Transfer payments include social benefits such as unemployment insurance, Social Security, and Medicaid. Contributions to social insurance are subtracted from personal income. These contributions include taxes paid by businesses and employees that support social insurance programs such as unemployment insurance, Social Security and Medicaid. The residence adjustment adds income received outside of a recipient's state of residence and makes a corresponding subtraction from the area where this income was earned or received. Real average hourly wages are calculated as total earnings divided by total employment for a given geographic area. Data are adjusted for inflation using the consumer price index for all urban areas (CPI-U) and are indexed to the most current month of data. Page 8 : Home price indices estimate regional growth in home values based on repeat sales data for detached single family residential properties. Monthly single and multifamily housing permits data are not revised, and therefore, may not sum to published year-end totals. Page 9 : The active rig count is the number of rigs actively exploring for or developing oil or natural gas. Rig counts provide an indicator of new drilling activity and potential for expanded crude oil or natural gas production. Coal production is shown as production during a given month. Additional Resources Available Agricultural Surveys Manufacturing Survey Energy Survey Regional Economic Analysis Speeches Visit: Banker Resources Economic Indicators Economic Research Educational Tools Page 1 : Exports measure the total physical movement of a given product from the to a foreign country. 11