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Economic Pulse Job numbers increased last month By Greg Rohloff Both the household and employer surveys on jobs for the Amarillo metropolitan area showed increases in employment for April, fueling the Amarillo Economic Pulse. The survey by Amarillo National Bank reflected a level higher than the year ago comparable period with 216.9 figure, with January 1988 serving as the base line. 2007 peaked with readings of just over 210, while the year ago figure was 188.62. Retail sales, and commodity prices also continued strong performances during the month, according to the index. Patrick Ware, an assistant vice president of Amarillo National Bank, said the strength in the employment numbers directly feeds the retail sales growth. The chief indicator of retail, sales tax collections, showed $4.24 million collected in April, pushing the year's total to $19.28 million. A year ago, sales tax collections for the month were just over $4 million and the year's total stood at nearly $18.13 million. The job growth in Amarillo — up 1,800 jobs in the employer survey and 1,300 in the household survey — indicates the strength of the state's economy compared with the rest of the nation, Ware said. The bulk of the new jobs in Amarillo were in manufacturing, with 900, and in education and health services, with 500. That compares with 1,100 new jobs in Lubbock, but the city trailed the Midland/Odessa area, which had 5,200 new jobs, largely on the strength of the Permian Basin oil and gas production. Amarillo's jobless rate was 3.1 percent, compared with a 5 percent national unemployment rate for the month. Commodity strength reflects the continued high prices for oil and gas and for farm crops. Oil from the Panhandle brought an average of $103.91 a barrel, compared with $60.43 a year ago, and natural gas brought an average of $9.68 per thousand cubic feet, compared with $7.63 last April. The higher average prices for Panhandle oil and gas will continue as the price for oil futures surged this week past $120 a barrel for June deliveries and June natural gas futures pushed past $11 per mcf. Corn is up 59 percent from last year, cotton is up 36 percent and wheat is up 87 percent. But Ware was cautious about wheat producing a large harvest because of drought conditions that could damage the area wheat crop if they continue for a few more weeks. If we can get some rain in time for farmers to realize that price, it would be good for everyone in the area," Ware said. The slower pace of new construction continues to pull down that sector, with building permits off 11 percent in total for April and residential starts off 3 percent. Construction in progress, largely the Western Crossing project that has replaced Western Plaza, is up 48 percent from a year ago, cushioning the effects of fewer building permits. E-mail
comments about this story Posted: May 8, 2008
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