Recent Developments and Outlook for US and NM Economies (A Presentation to NM Bankers Assoc)

New Mexico Economic Current Situation oEmployment growth, slow since 2009 but stronger in FY2015 (1.4%), has again slowed (0.6% in 2015Q3 & 0.4% in 2015Q4). Weak start to 2016. oIn FY2015, 64% (4,400 of 6,900) new jobs were in healthcare; 40% of these in ‘social assistance’ and 60% outside metro areas. oMining employment remained resilient for 3 quarters after price fall (June 2014-March 2015) but has begun to fall since. Rig counts continue to decline (102 at end-2014 to 18 last week).