Colorado continues to be on a roll for job creation. The latest release of BLS data shows the state added 10,800 jobs in June, bringing the number of jobs added for the year to 92,000. Despite these gains, there are significant employment deficits in tourism, state and local government, private educational services, and the extractive industries. The state’s unemployment rate remains flat at 6.2%, slightly above 5.9% for the U.S.
Job growth through six months continues to be uneven across geographies, industries, and occupations. There are lower unemployment rates for occupations with higher education requirements and higher unemployment rates for occupations with lower education requirements. The biggest obstacle facing many businesses is finding quality employees. Finally, inflation has raised its ugly head. The Federal Reserve believes this is a temporary situation, whereas other economists feel the U.S. will see hyperinflation by the end of the year.
For more details, see the latest economic update at https://cber.co/economic-updates/
The good news is that Colorado and the U.S. are continuing to recover from the policies related to COVID-19.