The recently released employment data shows Colorado employment is 340,000 less for the period February to April. In May, the Colorado Legislative Council released their economic forecast for 2020 that indicates the state will lose 169,900 jobs in 2020 but gain back 34,000 jobs in 2021.
On a positive note, initial unemployment claims are increasing at a declining rate. Future continuing claims should begin to decline in June. This means fewer Coloradans will be losing jobs and more will be returning to work. Look for the economy to turn positive in Q3 (Q3 begins in July – just about four weeks away).
There are a lot of moving pieces that will determine how fast the economy recovers. For details go to https://cber.co/economic-updates/