COLORADO'S ECONOMY IS IN RECOVERY MODE... AND PRIMED FOR GROWTH. THAT'S THE WORD FROM C-U'S LATEST QUARTERLY BUSINESS AND ECONOMIC INDICATORS REPORT. NEW BUSINESS FILINGS ARE UP MORE THAN 25-PERCENT.... AND OUR STATE'S UNEMPLOYMENT RATE IS 6-POINT-2 PERCENT.
WE'RE LOOKING AT THE DATA AND WHAT IT MEANS... WITH CU ECONOMIST DR. RICHARD WOBBEKIND.
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-- The report shows new entity filings posted record gains in the second quarter, increasing 25.7 percent year-over-year. New entity filings are one of the best indications of employment growth.
--Colorado remained down 99,900 jobs from the January 2021 peak. Jobless claims in the state are hovering at around 5,000 per week.
--Unemployment statewide remains at 6.2 percent, ranking 35th in the country. While Colorado’s labor force growth ranks 23rd in the U.S., labor force participation rate is 3rd strongest in the country at 68.5 percent.
--The report shows Colorado’s gross domestic product increased 1.4 percent year-over-year, while personal income, businesses in good standing, and dissolution filings are also on the rise.
--Business leaders in Colorado expressed record optimism in the economy ahead of the third quarter. The Leeds Business Confidence Index was 67.3 ahead of Q3 and remained elevated looking to the fourth quarter (65.4). A score of 50 is neutral.