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A small glimmer of hope

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By Harold Morgon

A little bitty glimmer of light exists somewhere in the dark tunnel of the New Mexico economy. The tiny flicker is in construction, of all sectors. This word comes from economist Alison Felix of the Federal Reserve Bank of Kansas City.
Felix tracks New Mexico from the KC Fed’s Denver office. She came to Albuquerque the day after the election as part of the occasional KC Fed economic outlook and update road show. The star was Felix’s overall boss, Esther George, KC Fed president and CEO since October 2011.
Back in the tunnel, our economic situation remains ugly with a 1.3 percent drop in wage jobs from September 2011 to September 2012. That performance ranked 49th nationally with West Virginia taking Mississippi’s role and finishing last. Nationally, wage jobs grew 1.4 percent in the year from the second quarter of 2011 to 2012, Felix said.
For real personal income growth, we place 48th with a 0.4 percent increase for the period. The anemic increase puts New Mexico’s personal income over the prerecession level of 2008.
Felix discussed the entire state. See http://www.kc.frb.org/publicat/speeches/2012-Felix-NMEconForum-11-07.pdf.


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