Mexican congressmen voted on Tuesday to change a law that makes it difficult for foreigners to own beach homes in Mexico.
The law prevents any foreigner from directly owning a home that is located within 50 kilometers of Mexico's coasts. Foreigners in Mexico are also banned from owning homes that are located within 100 kilometers of the country's international borders.
Congressmen from Mexico's house of representatives argued that the law was "outdated," that it hampers investment in the country, creates unnecessary bureaucracy and no longer matches reality.
They pointed out that thousands of Americans and Canadians already own beach homes in Mexico anyways, and many more are interested in buying.
But currently, foreigners who want to have coastal properties in Mexico need to acquire these assets through Mexican companies or real estate trusts in which a local bank buys a property and then "leases" it to its foreign occupant for an annual fee. A report that was compiled by the Mexican congressmen who support this legal shift said that, between 2000 and 2012, about 49,000 foreigners bought homes in "restricted areas," by going through these legal loopholes.
Manuel Rueda
Beachfront properties are a big business in... View Full Size
Manuel Rueda
Beachfront properties are a big business in Mexico. Even though foreigners are technically banned from buying homes within 50km of Mexico's coast. Here a view of the beach in Xcalak a village on Mexico's Yucatan peninsula.
"What we are trying to do is to eliminate this simulated form of property owning in Mexican beaches, and eliminate middlemen who have profited from the current prohibitions, (on foreign ownership)," said congressman Manlio Beltrones, one of the main sponsors of this legal shift.
"We want to facilitate investment in tourism, and generate jobs," Beltrones added.
Some congressmen in Mexico are worried that Beltrones' proposal will make it easier for foreigners to take up lands that are currently used by fishermen and other rural populations.
The Union of Peasant and Indigenous Forces, a human rights group, also criticized the proposal, saying that it could allow foreigners to "buy up the best land," and could eventually lead to real estate speculation that would drive poor people away from coastal areas.
But supporters of the proposal said that some parts of Mexico could really use the money spent by people who buy beach front homes. They estimate that, on average, a foreign couple that owns a beach home in Mexico, spends somewhere from $3,200 to $4,300 per month, while they are in the country.
The law that prevents foreigners from owning property along the coast was created in 1919, right after the Mexican revolution. Its purpose was to keep strategic locations out of the hands of foreign countries with an interest in invading Mexico. But nowadays, most Mexican politicians feel that foreign ownership of beachfront properties no longer poses this kind of security risk.
The Mexican Senate, and the President of Mexico must now vote on this proposal for it to pass. Because this proposal would strike down a law that is part of Mexico's constitution, it must also be approved by a majority of Mexico's state legislatures.
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Mexico Tourism on Upward Track, as Safety Concerns Wane
by Ana Figueroa
April 25, 2013
Suppliers, agents and tourism officials are reporting positive trends for travel to Mexico. In fact, some resorts and tour operators experienced record-breaking sales for the first quarter of 2013.
Travel professionals are giving credit to waning concerns about safety and security, along with unusually cold weather in parts of the U.S. and Canada.
“Safety fears have been on the decline for a while now,” said Jack E. Richards, president and CEO of Pleasant Holidays.
Similarly, Samarah Meil, owner and travel consultant with Amarillo Travel Network in Amarillo, Texas, noted that news about travel warnings in Mexico are far less than they were a year ago.
“I think it’s because of all the things happening here, such as Sandy Hook,” she said. “The fact is there’s no guarantee of safety anywhere these days. But that shouldn’t make us afraid to travel. If anything, I think people are deciding to go out there and live life.”
Redoubling efforts By all accounts, Mexico is redoubling efforts to increase its appeal to international visitors. The country’s new secretary of tourism, Claudia Ruiz Massieu, is advocating for improved diversity, infrastructure and sustainability in the country’s tourism product.
Mexico’s recent drop from the UN World Tourism Organization’s list of top 10 international destinations is a disappointing setback. But many observers feel the demotion is not necessarily dire.
“It’s not that big a deal,” said Richards. “The fact is, everyone is starting to expand their marketing spend. For the first time, even the U.S. has a tourism policy with a big budget to back it up. So, the competition has upped its game.”
Certainly, statistics from Pleasant Holidays belie any notion that Mexico is losing ground. Richards reports “fairly significant” increases for Mexico sales in 2013. And the company reached its highest record in March sales to Mexico since it first began selling Mexico vacations 20 years ago.
On the upswing Agents specializing in Mexico are also reporting positive trends. Meg Austin, owner of Meg2Book in Denver, Colo., said her business to Mexico is up 35% to 40%. A dive adventure specialist, Austin primarily sells the Riviera Maya and Cozumel.
“Families traditionally like to go there in June as soon as school lets out but before summer activities start for the kids,” she said. “This year, air is sold out. I’m talking clients into traveling in August, which is whale shark season and one of my own favorite times to go.”
Meil is also seeing encouraging trends. “So many of my group clients that went last year are contacting me to book trips to Mexico again this year. The repeat clientele is a bonus I’m seeing right now,” she said.
Top Mexican destinations are also enjoying a record year thus far. Cancun, for example, just finished its most successful Easter season on record. Spring break and the Easter holidays brought more than two million visitors to the destination, with many hotels at 100% occupancy.
Value attracts visitors Value remains a top motivator driving sales to Mexico, perhaps more so than in prior years. Tour operators note that price increases in Mexico have been modest compared to destinations such as Hawaii. Also, perks such as free wedding packages are giving Mexico a huge advantage in the destination wedding market.
Creative promotions are also a big trend. One luxury brand is offering two free nights at its Beverly Hills property in conjunction with a stay at its Riviera Nayarit location. Air credits are becoming more common, as are resort bonus coupons good for spa treatments, golf and other extras.
“There are a lot more promotions now than in previous years, especially in the high-end properties,” Meil said. “Agents really need to be experts to give clients the best advice. Most of my clients would still go without the credits, but it’s the icing on the cake.”
Airlift a big factor Mexico’s traditional mainstays remain popular. Cancun and the Riviera Maya; Los Cabos; Puerto Vallarta and the Riviera Nayarit are top-sellers. Along with their obvious appeal to beach and nature lovers, good airlift is another key factor working in favor of these destinations. For example, 500 flights per day arrived at Cancun International Airport during the recent Easter season.
“The only reason places like Loreto, Ixtapa and Zihuatanejo don’t perform better is because they don’t have the air service to get people down there,” said Richards.
Wendy Schwartz-Mix, operations manager for Travel Leaders Maple Grove, Stillwater and Woodbury, Minn., said improved airlift and infrastructure has encouraged her clients to visit Hualtulco on the Pacific Coast.
“Sun Country started operating seasonal service and our clients loved it down there,” she said. “We still have snow here in the Minneapolis area, and Huatulco is extremely warm. And they have wonderful new, upscale resorts, both for families and for the adults-only market. If the nonstop service continues, Huatulco vacations will become an extremely popular trend.”
In Puerto Vallarta and the Riviera Nayarit, a building boom of new hotels and resorts is attracting visitors. Well-established brands ranging from Iberostar and AMResorts to Hilton and Hard Rock have debuted there in the past year. Intimate boutique properties and luxury hotels set on nature preserves are attracting celebrities, a desirable trend for any destination.
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Beth Belton, USA TODAY9:10 a.m. EDT April 25, 2013
WASHINGTON -- Initial claims for unemployment benefits fell 16,000 to 339,000 the week ended April 20, the Labor Department said Thursday.
It's the second-lowest level in five years.
And the four-week moving average of claims, which smooths out weekly fluctuations, fell 4,500 to 357,500 last week.
The latest number is well below economists' consensus estimates of a seasonally adjusted 350,000, and suggest hiring may be improving from March's sluggish pace.
Last month, employers added just 88,000 nonfarm jobs to payrolls. That was a sharp drop from the previous four months, when an average 220,000 jobs a month were created.
When weekly claims for unemployment benefits stay below 350,000 for weeks in a row, economists agree that workers are more likely to be able to find a job rather than continue receiving unemployment benefits.
In this week's report, claims for jobless benefits the week ended April 13 were revised up to 355,000 from 352,000. Contributing: The Associated Press
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Christopher S. Rugaber, Associated Press12:42 p.m. EDT April 25, 2013
WASHINGTON (AP) — Confidence in the U.S. job market has rebounded to a near normal level from its record low after the Great Recession, a trend that could help boost the economy.
Americans increasingly feel they could find a new job if necessary, according to the 2012 General Social Survey, a long-standing poll of public opinion. And fear of being laid off dropped last year from its 2010 peak to roughly its average for the 35 years the question has been asked.
The percentage of Americans who said it would be somewhat or very easy to find a job if they lost theirs rose to 54% last year from 46% in 2010. The 2010 figure was the lowest since 1983, when the United States was also emerging from a deep recession. On average in the survey's history, about 58% of respondents have said it would be very or somewhat easy to find a job.
As layoffs have declined, fewer Americans fear losing their job. Last year, 11% of adults thought it was somewhat or very likely that they'd lose theirs. That was down from a record-high 16% in 2010. And it matches the 11% average the survey has found since it began asking the question.
Americans may be feeling even more secure now than when the survey was taken last year. The number of layoffs fell in January to the lowest level in the 12 years the government has tracked the data. Fewer people are seeking unemployment benefits.
And employers have stepped up hiring, though the job gains slowed in March. Employers added nearly 2.2 million jobs in 2012, an average of about 180,000 a month. That's enough to slowly lower the unemployment rate.
Even though the rate remains high at 7.6%, greater confidence among those who have a job could encourage consumer spending and boost economic growth.
"If you're not afraid of being laid off, you're going to spend more of your money," said Drew Matus, an economist at UBS.
The General Social Survey has been conducted about every two years since 1972. The survey is a project of the independent research organization NORC at the University of Chicago, with primary funding from the National Science Foundation.
From mid-March through September last year, 1,975 adults were asked about their financial situation and their feelings about the job market. The survey's margin of error was plus or minus 2.2 percentage points. The results were only recently made available.
The survey found that confidence in the economy varied by education. Those with college degrees felt more job security than those with less education. And since the recession ended in June 2009, Americans with a college education have reported greater improvement in confidence than those with high school diplomas or less.
Only 6% of college-educated Americans said in 2012 that it was somewhat or very likely that they'd lose their job. That was down from 10% in 2010.
Those with high school diplomas were also more confident in 2012: Twelve percent of this group feared losing their job, down from 19% two years earlier.
But Americans with less than a high school diploma reported little change: 26% felt it was somewhat or very likely they would be laid off in 2012, about on par with the 29% who felt so in 2010.
On whether it would be somewhat or very easy to find another job, 59% of those with college degrees said so, up from 52% in 2010. Among high school graduates, that figure rose to 53% last year from 43% in 2010.
Those without a high school diploma still lack confidence: Only 40% said it would be somewhat or very easy to find new work, essentially unchanged from the 41% who said so in 2010.
Among the survey's other findings:
— Fewer Americans say their financial situation has worsened in the past few years, though the proportion remains high. A record 37% of Americans in 2010 said their finances had deteriorated. In 2012, that figure fell to 30%, still the second-highest on record.
— More Americans define themselves as in the "lower class" than at any time since 1972. A record 8% classified themselves as lower class in 2012, the same as in 2010. That compares with the record low of 4% in 1985.
— The proportion of Americans who expect their children to be somewhat or much worse off financially than they are was 20% in 2012, compared with 18% in 2010. The figure is slightly below the record level of 22% in 1996. Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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The ambassador stressed Mexican government’s interest to strengthen its economic ties with UAE
By Shehab Al Makahleh Staff Reporter
Published: 18:21 April 20, 2013
Abu Dhabi:
Francisco Alonso, Mexican ambassador to UAE, stressed Mexican government’s interest to strengthen its economic ties with the UAE and other countries in the Middle East and North Africa.
“We are working on improving bilateral trade exchange by promoting our products. There are many partnership companies working in the UAE,” said Alonso.
He voiced both countries’ readiness and keenness to develop their relations in all areas, saying that the volume of trade exchange between the two countries amounted to $1 billion in 2012.
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“In Mexico, we manufacture many commodities which can be of interest to many countries. These include manufactured goods, electronics, oil and oil products, aircraft, silver, computers and servers, fruits, meats, consumer electronics, processed foods, vegetables, ships, coffee, LCD screens, electricity, biotechnology, cotton, rolling stock, automotive and aircraft engines, cellular phones, metals, industrial equipment, granite and marble, lithium batteries,” the ambassador was quoted as saying.
He added that Mexico imports aluminium, and minerals. In 2012, the two countries signed the Double Taxation Avoidance Agreement (DTAA) to strengthen mutual economic and trade relations and to develop investments between the two countries.
“The agreement included several financial and tax benefits for investments of the public and private sectors in the UAE, which allows the establishment of a strategic cooperation and integration with Mexico and other countries of Latin America,” said the ambassador.
Mexican GDP is expected to grow by 3.5 per cent in 2013 to reach $1.82 trillion (Dh6.68 trillion) up from $1.761 trillion in 2012, benefitting from the very great number of industries in the country catering to serve the USA market and other countries, according to Alonso.
“Mexico has a wealth of modern and highly advanced industries. Our economy is growing steadily and is currently on the top 17 world economies,” said Alonso.
Tourism and aviation
Alonso said travel between the both countries was already vibrant.
“About 12,000 Mexicans tourists visited the UAE. About 2,000 Mexicans work in the UAE at different jobs including pilots, engineers, doctors and designers,” said the ambassador.
Mexico is one of the top 10 tourist destinations worldwide and one of our objectives is to be on the top five by 2020, he said.
“More than 29 million tourists visited Mexico last year and this number is slated to increase further throughout this year as Mexico enjoys very friendly ties with all other countries,” said the ambassador.
He pointed out that there are talks with Emirates Airlines to launch routes to Mexico. But he did not elaborate further on this matter or the outcome of the talks.
He said in 2012, Mexico produced three million vehicles, and that this numbers was growing.
“Mexico has become quite an automotive powerhouse,” said Alonso, adding that Mexico is a very lucrative country with great potential for many industries.
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Samuel Weigley and Alexander E.M. Hess, 24/7 Wall St. 10 a.m. EDT April 20, 2013
The U.S. unemployment rate fell 0.6 percentage points between February 2012 and February 2013, from 8.3% to 7.7% — the lowest it had been since 2008 based on seasonally adjusted figures. It since dropped to 7.6% in March.
Meanwhile, in some metropolitan statistical areas, unemployment rates proportionately fell much more than the rate nationwide. In Palm Coast, Fla., the unemployment rate fell by 2.5 percentage points from a year ago to 10.3% in February. The metro areas with the biggest declines still generally have high unemployment, and it remains to be seen whether this short-term improvement will translate into long-term recovery.
These metro areas were among the hardest-hit economies in the country, with unemployment in places like Merced, Modesto, and Palm Coast, rising well above 15%. Several of these cities, despite the improvement, still have among the highest unemployment rates in the U.S.
The exceptions are cities like Boise, Idaho, which had an unemployment rate of 9.6% in February 2010, just below the national rate of 9.8%. The area's unemployment rate as of February 2013 was 6.5%. — well below the U.S. figure.
Martin Kohli, chief regional economist for the Bureau of Labor Statistics explained that one clue to the stability of long-term job growth in these cities is the type of jobs added — whether they are payroll jobs rather than agricultural or self-employed ones. In some of these places, like Merced, Calif., he explained, there was a healthy increase in payroll jobs, while in cities like Madera, Calif., this wasn't the case. "If you're really recovering, you want to see positive changes in a lot of different areas, and you're seeing that for Merced, but you're not seeing it for Madera," Kohli said.
In our analysis, we only reviewed the cities where the labor force was growing. Cities like Coeur D'alene, Idaho and Yuba City, Calif.. have also had substantial declines in unemployment, but also had labor force declines of more than 2%. The cities on our list have had the number of people looking for jobs increase and the number of people without jobs decrease — a sign that jobs are being added at a faster rate than people are joining the labor force.
Based on change in the unemployment rates between February 2012 and 2013, 24/7 Wall St. reviewed the eight Metropolitan Statistical Areas with the biggest percentage point decline in non seasonally adjusted unemployment. From the U.S. Bureau of Labor Statistics we also reviewed unemployment rate changes from previous years, as well as the change in unemployment from October 2009 — U.S. peak unemployment — to the current rate. The BLS also provided nonfarm payroll growth over that time. All metropolitan employment numbers are not seasonally adjusted. The national unemployment rate change we mention is seasonally adjusted. These are the 10 metro areas with the biggest declines in unemployment: 8. Merced, Calif. > 1 yr. change in unemployment rate: -2.1 percentage points > Current unemployment: 17.8% (4th highest) > Unemployment October 2009: 15.4% > Labor force: 113,114 > 1 yr. change in payroll jobs: 3.2%
Although the unemployment rate of 17.8% as of February is the fourth highest of all metropolitan areas in the U.S., it has fallen from 19.9% the year before. The trade, transportation and utilities industry employed approximately 11,900 people as of February, a 6.3% jump compared to the same month in 2012. The Merced metro area is very reliant on farm labor. Of the approximately 92,900 people employed as of February, just 57,600 were employed in nonfarm jobs. 7. Orlando-Kissimmee-Sanford, Fla. > 1 yr. change in unemployment rate: -2.1 percentage points > Current unemployment: 7.1% (129th lowest) > Unemployment October 2009: 11.1% > Labor force: 1,142,625 > 1 yr. change in payroll jobs: 2.0%
Between February 2012 and February 2013, employment in Orlando rose 5.1%, one of the largest increases metro areas nationwide. Much of this has been due to a recovering leisure and hospitality industry, the area's largest job sector. Walt Disney World, Universal Orlando, and several of the area's other major employers have added hundreds of jobs in recent months. However, according to the Orlando Sentinel, it remains to be seen if these employment gains are permanent, or simply the product of temporary hiring. 6. Modesto, Calif. > 1 yr. change in unemployment rate: -2.1 percentage points > Current unemployment: 14.9% (9th highest) > Unemployment October 2009: 16.9% > Labor force: 237,899 > 1 yr. change in payroll jobs: 1.2%
The unemployment rate of 14.9% in February, while still among the highest of all metro areas, is down considerably from 17% in the same month last year and down from a high of 18.9% back in February 2010. Despite the decline in the unemployment rate, the total number of people employed grew by just 3.3%. Headcount in trade, transportation and utilities — the largest industry in the area with 33,500 people as of February 2013 — grew 4% year-over-year. 5. Boise City-Nampa, Idaho > 1 yr. change in unemployment rate: -2.2 percentage points > Current unemployment: 6.5% (93rd lowest) > Unemployment October 2009: 8.5% > Labor force: 308,324 > 1 yr. change in payroll jobs: 2.9%
At 6.5%, the Boise metro area's unemployment rate is lower than roughly three-quarters of all other metropolitan areas. Also, the job market of few metro areas has improved as much as Boise's. As of February, total employment was up 4.3% from the year before, among the largest increases in the nation. The professional and business services sector has been among the major industries contributing to job growth. The sector increased employment by 6.3% over the 12 months ending in February. 4. Madera-Chowchilla, Calif. > 1 yr. change in unemployment rate: -2.2 percentage points > Current unemployment: 13.2% (18th highest) > Unemployment October 2009: 13.9% > Labor force: 69,615 > 1 yr. change in payroll jobs: 0.3%
Although the Madera area continued to have an extremely high unemployment rate in February of 13.2%, the situation there has improved dramatically from the year before, when 15.4% of all workers were without a job. Over the course of those 12 months, the number of jobs in the area rose by 5.8%, one of the largest increases in the nation. Many of Madera's jobs are tied to agriculture. As of February, there were over 60,000 workers in the area, but only roughly 33,000 workers were listed on nonfarm payrolls, virtually unchanged from the year before. 3. Las Vegas-Paradise, Nev. > 1 yr. change in unemployment rate: -2.4 percentage points > Current unemployment: 9.8% (65th highest) > Unemployment October 2009: 13.1% > Labor force: 994,940 > 1 yr. change in payroll jobs: 2.0%
The number of unemployed job seekers in Las Vegas dropped by 19% between February 2012 and February 2013. The two largest industries in the area — trade, transportation and utilities and professional and business services — grew a modest 2.6% and 1.3%, respectively. Yet the construction industry, which employed approximately 37,400 people as of February 2013, had employment rolls grow by more than 7.5%. This may indicates a recovery in the Las Vegas housing market, which took a significant beating several years ago. Builders have reported dwindling vacant lots in the Southern Nevada area, and home prices in January rose by more than 8% compared to a year earlier. 2. Ocala, Fla. > 1 yr. change in unemployment rate: -2.4 percentage points > Current unemployment: 8.4% (134th highest) > Unemployment October 2009 : 13.4% > Labor force: 132,964 > 1 yr. change in payroll jobs: 3.4%
The number of people unemployed dropped from about 14,300 in February 2012 to about 11,200 February 2013. The nearly 22% drop was the fourth-largest of all metropolitan areas in country. Job growth grew across the board. In education and health services, one of the largest industries in the area, employment grew by 5.6% between February 2012 and February 2013. Employment headcount grew by 6.5% in business and professional services. Back in February, city and county officials approved a multi-million dollar incentive package to entice FedEx to build a nearly 400,000 square foot distribution center, which, if completed, would provide 165 jobs at an average annual salary of $31,536. 1. Palm Coast, Fla. > 1 yr. change in unemployment rate: -2.5 percentage points > Current unemployment: 10.3% (47th highest) > Unemployment October 2009 rate: 15.0% > Labor force: 34,865 > 1 yr. change in payroll jobs: 1.0%
The number of people employed in the Palm Coast area grew by 7.2% between February 2012 and February 2013, more than all but three other metropolitan areas across the country. The labor force also grew more than 4%, indicating that previously discouraged job hunters may either be back to work or back to job hunting. In business and professional services, headcount grew by 15% to 2,300 employees as of February 2013, compared to the same month in 2012. Leisure and hospitality grew 6.7% year-over-year. 24/7 Wall St. is a USA TODAY content partner providing financial news and commentary. Its content is produced independently of USA TODAY.
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MEXICO CITY, April 21 (Xinhua) -- Mexico and the European Union (EU) have agreed to promote cooperation in tourism, the Mexican ministry of tourism said Sunday.
"Europe represents a key market for the growth of tourism in Mexico," Tourism Minister Claudia Ruiz Massieu was quoted in a press release as saying at a meeting Saturday with EU consuls based in Mexico.
The Mexican government is working to "consolidate a larger international presence" with increased trade and investment flows, and "tourism is a priority due to its great capacity to spur economic development," the minister said.
In January 2012, Mexico's tourism ministry and the European Commission signed a joint declaration to strengthen tourism cooperation between the two sides.
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AP Photo/Brennan Linsley
A worker switches well heads during a short pause in the water pumping phase, at the site of a natural gas hydraulic fracturing and extraction operation run by Encana Oil Gas (USA) Inc., outside Rifle, in western Colorado.
By Yadullah Hussain, National Post April 19, 2013 – 11:42 am ET
After languishing in decade-low prices for much of the last year, natural gas has emerged as the unlikely best performing commodity so far in 2013, rising 32% from its 2013 low.
Last week alone AECO, Canadian benchmark prices inched 2% upwards to reach C$3.73 per mcf amid one of the worst commodity routs of the past year. Meanwhile, American Henry Hub benchmark climbed 3% last week and is now 31.3% higher than it was at the start of the year.
Analysts credit falling storage levels, which are below 5-year average, as the primary reason for the natural gas rally. An unexpectedly cold and long North American winter has eaten into the inventories, while producers continue to cut natural gas output.
“Natural gas is among the world’s best performing commodities so far this year,” said Michael Lewis, commodity strategist in Deutsche Bank in a note to clients.
“Even in the midst of a broad based sell-off across the commodity complex, gas prices have continued to rally. We believe fundamentals have tightened not only on account of late seasonal cold in the U.S., but also from supply restraint.”
Crude benchmark WTI has dipped 4.45% year-to-date, while Brent has fallen even further to 10.78% in a commodity-wide route. Coal is down nearly 6% for the year.
But some analysts don’t see much upside from here for natural gas which are rebounding from their $2 per mcf lows last year.
“We see U.S. natural gas balances tightening gradually this year on shallow production declines and improving industrial demand,” said Bank of America Merrill Lynch analysts in a note. “Still, persistently high stocks imply 2Q13 prices could retest $3/MMBtu.”
BAML expects Henry Hub prices to average US$3.75/MMBtu this year, and US$4.20/MMBtu in 2014.
“It’s not until 2015 that we expect demand to improve structurally. Prices should trade between US$3 and US$4.50/MMBtu over the next two years given well-anchored supply costs and coal-to-gas switching capacity.”
A Reuters poll of 28 analysts suggested U.S. natural gas prices may jump 39% this year, to reach US$3.84 per million Btu. Eighteen analysts revised their forecast upwards, five turned bearish, while the rest did not change their opinion.
Stricter environmental rules in 2014 were expected to force more coal plant retirements and boost baseload gas-fired power demand. That should help drive prices up another 10% to US$4.24 though estimates were unchanged from the previous poll.
Prices in 2015 were expected to gain another 8% to US$4.58 as economic activity ramps up and utilities continue to shift to cleaner burning gas instead of coal to generate power.
“On the supply side, the rig count is down and production is probably down, but the question is how much,” said Steve Thumb, principal at Energy Ventures Analysis in Virginia.
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By Melissa Korn
How
do you project success? For men, it takes a strong–but not angry–tone; a
confident–but not arrogant– demeanor; and a commanding–but not
intimidating–physical presence.
New research suggests it may also help to have a nice, deep bass.
Getty Images
James Earl Jones, shown at The Juilliard School’s 2012 commencement ceremony, has a voice some CEOs might envy.
Professors from Duke University’s Fuqua School of Business and
University of California, San Diego’s Rady School of Management recently
studied the vocal pitches of 792 male chief executives at publicly
traded companies. They wanted to find out whether deep voices correlated
with success, since prior research has shown that Barry White-like bass is often preferable when it comes to selecting a mate. A separate Duke study last year also found that voters favor political candidates with deeper voices.
The researchers in this latest study tracked the vocal “fundamental
frequencies” of CEOs’ speech during earnings calls or investor
presentations, then analyzed measures of their success, including
compensation, company size and tenure in the corner office.
The median CEO, with a 125.5 Hz vocal frequency, earned $3.7
million, ran a $2.4 billion company and was 56 years old. You can listen
to a variety of frequencies here. (For perspective, Duke researcher Bill Mayew says that James Earl Jones’s voice is around 85Hz, and Gilbert Gottfried’s tops 200Hz.)
Not bad, but researchers found that executives with voices on the
deeper (that is, lower-frequency) end of the scale earned, on average,
$187,000 more in pay and led companies with $440 million more in assets.
That benefit proved true even when controlling for a leader’s
experience, education, dominant facial features and other variables that
might sway decisions of recruiters and compensation committees.
A deep, smooth voice doesn’t necessarily guarantee a top corporate
job, and the researchers are careful to note that they are just noting
the correlation between the traits, not causation.
Mayew says he would like to assess the voices of women executives as
well, but he says there aren’t enough for a statistically meaningful
study quite yet. At last count, there were just 21 women CEOs in the Fortune 500. The research will be published in a forthcoming issue of Evolution & Human Behavior.
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Aunque el sector de la vivienda en México enfrenta problemas de deuda y bajas ventas, el país se encuentra lejos de una burbuja hipotecaria como la ocurrida en Estados Unidos en 2008, refieren especialistas.
"Hay cuatro elementos estructurales que nos llevan a concluir que México no está en un tema similar al de Estados Unidos, ni por comportamiento de precios, ni por condiciones de que haya aumentado excesivamente la capacidad de compra del acreditado, ligereza sobre el perfil o las condiciones de las hipotecas en el mercado secundario", explicó en entrevista con Excélsior, Jorge Yarza, presidente de la Unión Interamericana Para la Vivienda (Uniapravi).
Sobre el precio de las viviendas, explicó que se han mantenido con incrementos estables que van entre dos y tres puntos porcentuales por encima de la inflación, mientras que en Estados Unidos este incremento, cuando ocurrió la crisis de 2008, era de 15 puntos porcentuales encima de la inflación.
A la par de este incremento sobre el precio de las viviendas, en Estados Unidos se duplicó el poder adquisitivo de las personas, ya que se redujeron los pagos mensuales por millar, situación que en México también se ha mantenido estable desde la crisis de 1995.
"En nuestro país la tasa de referencia ha estado entre nueve y 14 por ciento, dependiendo diferentes esquemas e instituciones, lo cual lleva a pagos millar que van de ocho a 14 mil pesos, mientras que en Estados Unidos estos pagos se redujeron de 5.5 mil dólares a dos y medio, dando una enorme capacidad de compra a los acreditados, quienes se vieron en posibilidades de adquirir un inmueble del doble del valor, o bien otra vivienda del mismo precio", precisó Yarza.
"Al principio le prestaron más a sus mismos acreedores y simplemente al multiplicar el número de clientes para casas más caras se generó un aumento extraordinario de precios, es decir, se generó más demanda para la misma oferta provocando la subida de precios. Pero el problema no fue tanto eso, sino que empezaron a prestar a personas que no cubrían el perfil", recordó Gene Towle, director general de Softec, empresa dedicada a la medición del mercado inmobiliario.
Costos al alza
A partir de 2004, la Reserva Federal comenzó a subir las tasas de interés, comenzó a caer el precio de la vivienda y los pagos mensuales se incrementaron provocando un incremento en la cartera vencida hipotecaria.
"Adicionalmente, estas hipotecas habían sido colocadas en el mercado secundario como respaldo de instrumentos de inversión, el riesgo de las subprime, o hipotecas otorgadas a personas que no eran sujetas de crédito, se había sido transferido a los bonos de deuda, y de ahí a fondos de pensiones y de inversión, provocando un efecto dominó y una crisis severa", resaltó Towle.
Seguridad bancaria
En México, en cambio, a partir de la crisis de 95 el sector bancario se volvió más estricto en el otorgamiento de crédito. "Actualmente el sistema financiero mexicano es uno de los más sólidos del mundo, con un Icap por encima de lo que solicita Basilea III. Inclusive los cinco bancos más grandes del país están por encima del 15%", dijo por su parte Marco Medina, analista del Banco Ve por Más (Bx+).
Recordó que el índice de morosidad hipotecaria en el sistema bancario es de 3.52%, cifra que se ha mantenido por debajo de los cinco puntos porcentuales durante los últimos años.
Asimismo, en el Instituto del Fondo Nacional para la Vivienda de los Trabajadores (Infonavit), que otorga más de 70% de los créditos hipotecarios, se encuentra en 5%, aproximadamente.
"Los bajos índices de morosidad son reflejo de la rigurosa medición de riesgo que tiene el sistema mexicano, por lo que las bursatilizaciones que emiten el Infonavit y Fovissste no representan un peligro", dijo Medina.
En México se han construido cerca de diez millones de viviendas en los últimos 13 años, y para la próxima década se prevé una construcción de al menos otras diez millones, "la demanda así lo permite", recalcó Yarza.
Descartan quiebras
A pesar de los altos niveles de endeudamiento que tienen las principales desarrolladoras de vivienda, así como los limitados flujos de caja que han tenido durante los últimos años, queda descartado que alguna de estas compañías quiebre, aseguran especialistas.
"La confianza que tiene el gobierno federal en el sector y los apoyos que ha anunciado para el desarrollo de la vivienda son un reflejo que descarta la posibilidad de que Geo, Homex, Urbi o Sare se enfrenten a una quiebra financiera", aseguró Jorge Yarza, presidente de Uniapravi.
Recordó que el país demanda al menos un millón de viviendas anuales, por lo que las empresas tienen oportunidad de recobrar el dinamismo en su flujo de caja.
Sin embargo, precisó que estas compañías deberán cambiar de estrategia y adaptarse a las nuevas políticas de vivienda, que van orientadas hacia un mayor ordenamiento territorial y a construcciones habitacionales en zonas intraurbanas.
Marco Medina, analista de Bx+, recordó por su parte que las principales desarrolladoras, a excepción de ARA, se han enfrentado a débiles resultados derivado de los cambios en las políticas públicas y en modificaciones en la demanda.
"Primero tuvieron que adaptarse a las cuestiones de verticalidad a partir de 2009, luego a las ecotecnologías. Ahora habrá una nueva política de vivienda y, aunque no se prevén grandes cambios, tomará por lo menos hasta 2014 para que vuelvan a tener flujos positivos", resaltó.
Añadió que las desarrolladoras que más están creciendo son aquellas, que como Ara o Vinte, se han orientado más a la vivienda media, sector en el que la demanda va en aumento, debido a un incremento en el poder adquisitivo de los mexicanos.
El índice Habita, por los suelos
Las acciones de las constructoras mexicanas de viviendas se desplomaron ayer debido a las expectativas por los débiles resultados financiero del primer trimestre, que habrían deteriorado aún más la liquidez del sector.
El índice Habita, que agrupa las acciones del sector, cayó 14.74 por ciento, a un mínimo histórico de 100.40 puntos.
Las acciones de Homex se desplomaron 18.26% en la Bolsa mexicana, a 12.85 pesos; las de Geo bajaron 14.04%, a 5.45 pesos; y las de Urbi perdieron 10.41%, a 2.41 pesos.
Sare, que el año pasado logró refinanciar sus pasivos y está enfocado en la venta de activos, vio caer sus acciones 19.40%, a 0.403 pesos, mientras que ARA, la única firma del sector que generó flujo de efectivo en 2012, perdió un 13.35% a 4.48 pesos.
La semana pasada, Geo y Urbi –dos de las mayores constructoras de vivienda de México– anunciaron que contrataron a asesores financieros para evaluar la reestructuración de sus deudas, que se han mantenido creciendo desde hace varios meses.
Después del anuncio, la agencia Standard and Poor's bajó sus calificaciones de deuda para Geo a 'CCC' y la puso en revisión especial con implicaciones negativas.
La firma ya había colocado a Urbi en la misma calificación.
"La acción de calificación de Geo sigue al anuncio de que ha iniciado su proceso de reestructuración de su deuda. En este contexto, entendemos que la posición de liquidez de la compañía se debilitó más allá de nuestras expectativas durante los cuatro primeros meses de 2013", dijo Standard and Poor's.
Se las comen las deudas
Las grandes constructoras mexicanas de vivienda han visto golpeados sus resultados en los últimos dos años por mayores inversiones que han consumido su efectivo y elevado sus deudas, en momentos en que un cambio en la demanda por casas usadas golpea las ventas de las unidades nuevas.
Homex dijo ayer que está evaluando diversas medidas para mejorar su liquidez, que van desde la emisión de deuda hasta la colocación de capital privado y la venta de activos no estratégicos.
En un comentario adicional difundido por correo electrónico, Homex agregó que no tiene planeado contratar algún asesor financiero para un proceso de reestructuración.
En línea con los mercados globales, la Bolsa Mexicana de Valores (BMV) cerró ayer con una caída de 2.32%, la mayor baja desde septiembre de 2011, por una aversión al riesgo por malas cifras internacionales, el desempeño de los commodities, las vivienderas y luego de la explosión de Boston.
Así, el Índice de Precios y Cotizaciones (IPC) se ubicó por debajo de los 43 mil puntos, al perder 1,019.89 puntos respecto al nivel previo, para ubicarse en 42,984.38 enteros, su menor nivel desde el 25 de marzo pasado.
Este día destacaron los desplomes que registraron las emisoras mineras Grupo México y Peñoles, de casi 7.0% y 13.0%, respectivamente; así como de las desarrolladoras de vivienda en donde las caídas alcanzaron niveles de 20%.
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Money magazine's 101 Ways to Build Wealth
package offers blueprints for the different stages of your life on how
to achieve real financial security. In tips #28 through #52, we offer
advice for 35- to 44-year-olds.
When you're decades away from retirement, you can afford to take a
few riskier bets in a small part of your portfolio. Three emerging
trends worth your money: 28. Seek the financial frontier.
Wish you'd invested in Chinese equities before they quadrupled in the
past decade? Frontier funds, which invest in even less developed regions
-- think Kuwait, Nigeria, and Vietnam -- "are like the emerging markets
10 or 15 years ago," says Harding Loevner analyst Babatunde Ojo.
Your best way in: a diversified fund like iShares MSCI Frontier Markets ET.(FM) 29. Ride the shale boom. Oil
and gas production from shale deposits is "the most important energy
innovation of the 21st century," says Mark Luschini at Janney Montgomery
Scott.
That's no secret, so look beyond traditional energy giants. Halliburto (HAL, Fortune 500)is the largest provider of hydraulic fracturing services; railroads such as CS (CSX, Fortune 500)transport the oil after extraction. Both trade at P/Es under 11. 30. Favor new consumers. The
old way to invest in the developing world: via a Western multinational
active in China and India. Alas, these stocks also expose you to
slow-growing Europe, plus many sport lofty P/Es.
A better way: Buy shares of smaller, local companies that cater to the rising consumer class. EGShares Emerging Markets Consumer (ECON) is a one-stop shop. NEXT: Go for a smaller mortgage
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Cora Indians wear body paint during a celebration in the Sierra Del Nayar region of Riviera Nayarit, where several new resorts are to open. (Riviera Nayarit Convention and Visitors Bureau)
A new hotel and several other tourist facilities are scheduled to open during the upcoming year in Riviera Nayarit, one of Mexico's newest coastal developments. Several resorts in the region, which is north of Puerto Vallarta, also plan to add rooms or make other improvements.
"Riviera Nayarit has seen remarkable growth in the development of tourism infrastructure and offerings since our inception in 2007," said Richard Zarkin, public relations manager of Riviera Nayarit Convention and Visitors Bureau. "We are very optimistic going into this year and beyond."
Among the improvements:
The Iberostar Playa Mita, a 452-room resort, is scheduled to open later this year in Litibu, at the north end of Banderas Bay. The all-inclusive resort will feature two pools, a Kids Club, four specialty restaurants, three bars and meeting facilities. The resort will be Iberostar Hotel & Resorts’ 10th property in Mexico.
Tau Resorts Nahui is scheduled to open late this year, with 172 units. The new timeshare community will include a village, beach club, golf course, hiking trails and oceanfront water sports center.
The Grand Luxxe Nuevo Vallarta, a Grupo Vidanta resort that opened in 2010, is constructing a tower with 144 rooms, bringing its total to 540 rooms.
The new developments cap a year when several hotels opened or made improvements, including a new Hard Rock Vallarta resort, which debuted in August. Major renovations were made at the Grand Palladium Vallarta Resort & Spa, Occidental Grand Nuevo Vallarta and Four Seasons Punta Mita.
The governor of Nayarit is developing three inland destinations based on cultural appeal, Zarkin said: Sierra del Nayar, Lagunas Encantadas and Nayarit Colonial.
Sierra del Nayar ishome to several indigenous ethnic groups, including the Coras, Huicholes, Tepehuanos and Mexicaneros, and hosts several colorful festivals throughout the year.
Lagunas Encantadas, in central Nayarit, has three lagoons and offers a variety of boutique hotels, water sports and fishing.
The Nayarit Colonial region features historic structures influenced by the Spanish conquest. In Nayarit Colonial, the tourism bureau says, "time stands still."
Riviera Nayarit stretches along 192 miles of Pacific coast and includes the resorts of Nuevo Vallarta, the historic colonial town of San Blas and upscale Punta Mita, besides fishing villages, beaches and Banderas Bay.
Follow us on Twitter @latimestravel and like us on Facebook
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Julie Schmit, USA TODAY11:30 a.m. EDT April 16, 2013
Housing
starts jumped last month to their highest level since 2008 but
construction of single-family homes took a dip, the Census Bureau
reported Tuesday.
Total starts were up 7% in March from February,
running at a 1.036 million seasonally adjusted annual rate, a gain of
almost 47% over last March.
That level of activity marks the first
time housing starts have passed 1 million in 57 months, says Robert
Wetenhell of RBC Capital Markets.
'Housing fundamentals are rapidly improving," he says, adding that starts will continue moving higher this year.
Multi-family
starts drove March's increase, rising 31% from February, to the third
highest reading since 2000, Capital Economics says.
By contrast,
single-family housing starts were running at a 619,000 rate, down 4.8%
from February, Census said. That news came a day after a report that
home builder confidence fell for a third month.
"Clearly, the home
building recovery is running into a few snags. Building material costs
are rising, there's a shortage of construction workers and builders are
struggling to find easily developed lots," says Paul Diggle, Capital
Economics economist.
Still, the big rise in overall housing starts
in March should help to calm the nerves of those worrying that the home
building recovery is running out of steam, he said.
For March, building permits, an indicator of future construction, fell 3.9% from February, to a 902,000 annual rate.
While
the jump in multi-family housing starts boosted activity in March, a
boom in rental apartments is a negative for single-family home building,
builders and private home re-sellers, says Mark Hanson, a real estate
adviser to professional investors. He expects a flood of apartments and
single family homes for rent to outpace demand.
New residential
construction fell 5.8% in the Northeast last month, but showed gains in
the rest of the country led by a 10.9% rise in the South. Construction
was up 9.6% in the Midwest and 2.7% in the West.
While home
builder confidence took a hit in April, builders' expectations for sales
the next six months hit the highest level in six years, the National
Association of Home Builders/Wells Fargo Housing Market index showed.
The
optimism is largely being driven by the low inventory of homes for
sale, mortgage rates that remain near historic lows and rising consumer
confidence, says NAHB's chief economist David Crowe.
Still, the
comeback for new-home sales and construction will take years, experts
say. New home sales should hit 463,000 this year, up from a dismal
366,000 last year, says IHS Global Insight. It doesn't expect sales to
climb back to more historically normal levels, above 800,000, until
2015. Contributing: Associated Press
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Samuel Weigley and Alexander E. M. Hess, 24/7 Wall St.7:04 a.m. EDT April 14, 2013
The wage gap between men and women will not close for 45 years, according to new research from the Institute for Women's Policy Research.
The group found that the wage gap will close in 2057, a year later than previously projected, due to slow progress in recent years toward improving equality.
April 9 was Equal Pay Day, a holiday established in 1996 to highlight the earnings discrepancy between men and women in the United States. Across the country, women in full-time, year-round jobs make just 78.8% of what men in comparable positions make, equating to more than $10,000 less a year.
The gap can be larger or smaller depending on the metropolitan area. Women working full time and year-round in the Provo-Orem, Utah, metro area make just 61.6% of what men make. Conversely, women in the Los Angeles area make 91.4% of what men make.
That women's salaries are more in line with men's in some areas does not necessarily mean that women in those areas are doing well relative to women elsewhere. In fact, the median income for women in eight of the 10 best paying metro areas for women was less than the national median income for women, which was $37,199. Women earned less than $30,000 in metropolitan areas like McAllen, Texas, and El Paso, where income inequality was less pronounced.
Many of these areas have a higher concentration of low-wage jobs in sectors such as maintenance and food preparation, which also tend to pay women and men more equitably. "A low-wage gap can just mean shared misery," said Ariane Hegewisch, a study director for the Institute for Women's Policy Research.
The gap tends to be more pronounced in higher-wage occupations, especially ones where a sizable portion of pay comes from bonuses and commissions, Hegewisch pointed out. This is because these types of compensation measures tend to be based to a larger extent on subjective factors, allowing for bias to impact a wage decision unnoticed.
Conversely, positions in fields such as information technology tend to have a much lower pay disparity between men and women, since pay tends to come predominantly from base salaries.
24/7 Wall St. identified the metropolitan areas that have the smallest pay disparity between men and women by comparing the median earnings for the past 12 months of both men and women working full-time, year-round in the country's 100 largest metropolitan statistical areas. We also reviewed employment composition in different sectors and the wages for both men and women in each. All data was from the U.S. Census Bureau for 2011, the most recent period available. These are the best-paying cities for women: 10. Tampa-St. Petersburg-Clearwater, Fla. > Women's pay as a pct. of men's: 84.8% > Median income for men: $42,420 > Median income for women: $35,958
Although median earnings for women in the Tampa metropolitan area were lower than the U.S. median of $37,199, they were closer to men's compared to the country as a whole. In office and administrative support positions, where 16.6% of full-time workers in the area were employed, women made 93.4% of men's wages, compared to 87.7% across the country. In sales-related occupations, women made 80.9% of men's pay. Although this gap was wider than the wage gap as a whole, it was better than all but one other metropolitan area. Production occupations, which nationwide pay women less than 70% of men's salaries, are far less common in Tampa, accounting for just 3.8% of workers there, vs. 6.8% nationwide. 9. Miami-Fort Lauderdale-Pompano Beach, Fla. > Women's pay as a pct. of men's: 85.4% > Median income for men: $40,817 > Median income for women: $34,852
The median annual earnings for both men and women were lower in the Miami area than in the United States as whole. However, while women across the nation earned just 78.8% of their male counterparts' pay, in the Miami metropolitan area this figure was over 85%. In the largest sector in Miami, office administration and support, women's median income was 97.4% of men's. Also, women in three professions — installation, construction and the life, physical and social sciences — actually had a higher median pay than men. Unfortunately, in sales positions, which made up nearly 13% of employment in the area, women earned just 58.8% as much as men, vs. an already low 65% nationwide. 8. San Antonio-New Braunfels, Texas> Women's pay as a pct. of men's: 85.5% > Median income for men: $40,633 > Median income for women: $34,753
San Antonio-area women working in the business and financial industries were paid 87.6% of what their male counterparts earned. Although hardly equal, it was the ninth-smallest percentage difference among all metro areas for the field. Nationally, women in business and finance earned just 73.3% of male salaries. Both men and women earned less than the national median. The median pay for area men was more than $6,000 less than the national equivalent, while for women it was less than $2,500 less. 7. El Paso> Women's pay as a pct. of men's: 85.6% > Median income for men: $33,821 > Median income for women: $28,959
The median pay for El Paso women working in office and administrative support was 99% of that for similarly employed men, one of the smallest disparities in the nation. Additionally, area women who worked in a sales position had median pay 74.2% of the male median, better than in the majority of metropolitan areas and the country overall, where women made just 65% of male salaries. Also, some occupations that grossly underpaid women were not as common in the area. Legal workers accounted for just 0.6% of the area workforce, less than half the proportion for the United States overall. Across the nation, female legal workers earned under 52% of the male median pay. 6. McAllen-Edinburg-Mission, Texas> Women's pay as a pct. of men's: 86.5% > Median income for men: $30,288 > Median income for women: $26,191
Although the median pay for women working full time in McAllen was more than $11,000 less than the pay for women across the country, their pay relative to men was among the best in the United States. In community and social services occupations, which made up a disproportionate share of the jobs compared to the country as a whole, women were paid more than 125% of what men made, higher than all but four other metropolitan areas. In maintenance professions, which also made up a considerably higher proportion of the jobs compared to the rest of the country, women were paid 99.9% of male salaries. Yet the highest-paid female workers relative to men were those in personal care and service jobs, where women made a nation-high 143.8% more than men. 5. Stockton, Calif. > Women's pay as a pct. of men's: 87.0% > Median income for men: $45,201 > Median income for women: $39,311
Women working in the life, physical and social sciences in Stockton were paid more than double the salaries of men, earning a median wage of $86,599 vs. $41,514. Similarly, women employed in health care support also led the nation in relative pay for their occupations, earning a median salary equal to 146% of the median for men. The Stockton area also has a smaller proportion of workers in several of the industries, which tended to skew pay more towards men. Management positions, which nationally paid women less than three-quarters what they paid men, account for just 9.5% of jobs in Stockton, vs. more than 12% nationwide. Similarly, the area had a low percentage of workers employed in business and financial operations, which across the United States paid women just 73.3% of men's salaries. 4. Las Vegas-Paradise, Nev. > Women's pay as a pct. of men's: 87.0% > Median income for men: $40,510 > Median income for women: $35,238
In Las Vegas, the median salary for women was 87% of the male equivalent. Although Las Vegas workers are often not well paid — with the area's median earnings of $37,203, well below the national median of just over $42,000 — disparities between national and local salaries are much greater for men than they are for women. Among the reasons, women employed in food preparation positions earn a median salary equal to 106.9% of the median for similarly employed men. Further, food preparation workers make up 10.5% of the workforce, more than in any other major city. Even in one of the more equitable occupations for women's pay, Las Vegas stands out: women working in community and social services fields earned a median of $54,745 vs. just $41,422 for men — a 132% premium. 3. North Port-Bradenton-Sarasota, Fla. > Women's pay as a pct. of men's: 87.5% > Median income for men: $40,417 > Median income for women: $35,352
In the North Port metropolitan area, women made $7 for every $8 that men made. Women in the health care technology field, which comprised a nation-high 2.8% of jobs in the North Port area, made 124.3% of what men made, compared to 83.8% for the country as a whole. In production occupations, women made 114.3% of men's earnings, a higher percentage than any other metropolitan area. However, one area where North Port fared less well was health care support occupations, which comprised a nation-high 4.2% of all jobs in the metro area. In this field, women made less than two-thirds of their male counterparts, compared to more than 85% across the country as a whole. 2. Fresno > Women's pay as a pct. of men's: 89.1% > Median income for men: $40,164 > Median income for women: $35,786
Women employed in education, training and library occupations earned 113.7% of what men earned, more than in any other large metropolitan area. Other professions where women outearned men included construction and extraction professions (145.3%), health technology (119.3%) and food preparation and serving (108.9%). But while women's pay gap was lower than the country as a whole in many occupations, they still earned far below men in some. For instance, women in full-time legal occupations earned just 38.7% of what men in the same field earned. 1. Los Angeles-Long Beach-Santa Ana, Calif. > Women's pay as a pct. of men's: 91.4% > Median income for men: $44,607 > Median income for women: $40,777
Los Angeles was the only area out of the largest 100 metropolitan areas where women working full time were paid at least 90% of what men made. In office and administrative support positions, which comprised approximately 13.6% of the area workforce, women earned a median salary equal to 102.9% of that paid to men. Women in sales roles — which employed roughly 11.2% of full-time workers in the Los Angeles area and 10% of workers across the United States — received a median pay equal to 74% of that paid to similarly employed men. Across the nation, women in sales earned a median pay equal to just 65% of the median for men. Surprisingly, the entertainment sector appears to be hurting median salaries for women. While the median salary for entertainers is nearly $10,000 more than the national figure and twice as many area workers are employed in the field, women in entertainment make less in the L.A. area compared to men than they do nationally — 85% vs. 87%. 24/7 Wall St., is a website offering financial news and opinion.
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