There is good news amidst all the turmoil. Colorado is on track to add at least 52,400 jobs in 2019. The state’s unemployment rate fell to 2.8% in August, which means that job growth would be even greater if there was a larger pool of qualified workers. DIA continues to see a record number of passengers, tourism is on track for another strong year, crude oil production is near record levels, and housing appreciation in the Denver area is more modest than in the past.
The U.S. economy is expected to continue adding jobs, there will be modest real GDP growth, and the Fed is prepared to implement monetary policy to continue the current expansion. Service sector executives are optimistic about the near-term, manufacturing is sluggish, but construction appears to be rebounding. Having said that, the leading economic index for a handful of states is not positive.
The global economy is projected to grow at a slower rate in the near-term. This will impact the U.S. economy; however, a recession is unlikely.
For details check out the cber.co Review of Colorado Economy – Update Through August 2019. The 2019 cber.co forecast, produced last January, can be accessed by clicking here.
Finally, don’t forget to look at the quarterly economic updates that were released last week by the Governor’s Office of State Planning and Budgeting and the Colorado Legislative Council. These reports provide a comprehensive overview of the state economy and the challenges facing our state government.