Colorado's 1.2% growth in employment in March was the country’s second-lowest, just behind West Virginia, and the state’s slowest since late 2021
Growing but slowing is how a new report describes Colorado’s economy. The state’s 1.2% growth in employment in March was the country’s second-lowest, just behind West Virginia, and the state’s slowest since late 2021.
Colorado’s high rate of participation in the labor force and a record number of new business filings were cited as positive signs even while expansion of the national gross domestic product slows and worries remain aboutFilings for new businesses totaled nearly 56,000 in the first three months of the year. Filings jumped 27.6% year over year and 14.3% increase from the previous month.
For now, consumer spending appears to be keeping the economy aloft despite the headwinds of higher interest rates and inflation. Lewandowski said the national GDP was projected at about 2.5 for the first quarter but slumped to 1.1% while consumer spending rose 3.7%. He said consumption accounts for 70% of GDP.
Colorado’s labor participation level of 68.5% is the fourth-highest in the country. The rate measures how actively working-age adults are working or looking for work.
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