August 2010 Economic Update
August 20, 2010
From the Colorado Department of Labor Employment:
COLORADO ECONOMIC & EMPLOYMENT UPDATE
Aug. 20, 2010
New figures released today by the Colorado Department of Labor and Employment offer a mixed bag of information about our economy and job market.
Three areas of note from the July data:
→ Unemployment Rate Holding Steady
For the fourth straight month, Colorado’s unemployment rate held steady at 8.0 percent. That compares favorably with the national rate of 9.5 percent and is one sign of a stabilizing state economy. The July 2009 rate was 8.1 percent.
30 states and the District of Columbia have higher rates than Colorado. Our employment situation continues to be stronger than in most other states.
↑ Two Months of Private-Sector Job Gains
Colorado businesses added 2,700 new jobs in July – largely in the tourism industry – and 5,700 in June. That’s encouraging growth in the private sector and good news for all of Colorado.
↓ Discouraged Job-Seekers
At the same time, the number of working Coloradans decreased by several thousand and the number of Coloradans actively seeking but unsuccessfully finding jobs increased by a few hundred. We still have a lot more to do to get people back to work.
Clearly, the economy remains fragile. Yet, despite the struggles, we continue to see numerous bright spots in the economy:
In the past month, several companies have announced job expansions:
Extra Aircraft is creating 220 new manufacturing jobs in Montrose.
Juwi Wind is adding 20 jobs in Boulder.
American Zephyr is adding 30 wind-industry jobs in Westminster.
U.S. Commerce Secretary Gary Locke recently said in the Denver Post the nation should follow Colorado in establishing a New Energy Economy.
For the second year in a row, CNBC has named Colorado the No. 3 state in which to do business, and Forbes.com says we are No. 4.
According to a new study by the American Legislative Exchange Council, Colorado’s economic outlook now ranks 2nd best of all 50 states.
Gov. Ritter continues to pursue a variety of strategies that will help stabilize our economy, support our businesses and drive sustained job growth.
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