News Trends Contributors Jobless rate edges down Opinion Business Briefs Business People Almanac The Business Times
April 7-20, 2022
pAge 19
INDICATORS AT A GLANCE
n Business filings
t New business filings in Colorado, 13,027 in February, down 3.1% from February 2021.
n Confidence
s Consumer Confidence Index 107.2 for March, up 1.5. t Leeds Business Confidence Index for Colorado, 53.9 for the second quarter, down 4.1 t National Federation of Independent Business Small Business Optimism Index 95.7 for February, down 1.4.
n Foreclosures s Foreclosure filings in Mesa County, 54 in March, up from 0 in March 2021. s Foreclosure sales in Mesa County, 5 in March, up from 2 in March 2021.
n Indexes
s Conference Board Employment Trends Index, 120.56 for March, up 1.66. s Conference Board Leading Economic Index 119.9 for February, up 0.3%. t Institute for Supply Management Purchasing Managers Index for manufacturing, 57.1% for March, down 1.5%.
n Lodging
s Lodging tax collections in Grand Junction, $204,940 for February, up 68% from February 2021.
n Real estate
t Real estate transactions in Mesa County, 495 in March, down 11.3% from March 2021. s Dollar volume of real estate transactions in Mesa County, $203 million in March, up 2% from March 2021.
n Sales
s Sales and use tax collections in Grand Junction, $5.3 million for February, up 14.9% from January 2021. s Sales and use tax collections in Mesa County, $3.6 million for February, up 13.8% from February 2021.
n Unemployment t Mesa County — 4.4% for February, down 0.1. t Colorado — 4.0% for February, down 0.2. t United States — 3.6% for March, down 0.2.
Increasing labor force and job orders also bode well for Mesa County Phil Castle
Labor demand as measured by the number of job orders posted at the Mesa County Workforce Center remains higher Feb. Jan. The monthly unemployment rate has than last year, Englehart said — 740 s Delta County 4.4 4.3 edged down in Mesa County even as the for February and 1,757 for the first two s Garfield County 3.6 3.5 labor force remains at its highest level in months of 2022. That total constitutes a t Mesa County 4.4 4.5 more than a year. nearly 24 percent increase over the same s Montrose County 4.0 3.9 Add strong labor span in 2021. s Rio Blanco County 4.8 4.7 demand, and Curtis Labor demand remains strongest Englehart said he’s for jobs in health care, he said. But the encouraged by what trends portend for the year warming weather also has bolstered orders for construction and ahead. “It’s a really good sign as we continue landscaping jobs as well as positions in the hospitality sector. the road to recovery,” said Englehart, director An event connecting employers and applicants is scheduled of the Mesa County Workforce Center in for 1 to 5 p.m. April 27 with the Grand Valley Career and Job Fair Grand Junction. at Lincoln Park in Grand Junction. The workforce center will join The seasonally unadjusted jobless rate with Colorado Mesa University in hosting the event, Englehart slipped a tenth of a point to 4.4 percent said. Curtis Englehart between January and February, according to Looking ahead, Englehart said he expects the unemployment the latest estimates from the Colorado Department of Labor and rate to gradually decrease even as the labor force grows and labor Employment. At this time last year, the unemployment rate stood demand remains strong. “All three seem to be trending in the right at 7.1 percent. direction.” Labor reports lag at the beginning of the year as the department Seasonally unadjusted jobless rates edged up a tenth of a revises numbers for the year before. The March report is scheduled point in neighboring Western Colorado counties to 3.6 percent for release April 15. in Garfield County, 4 percent in Montrose County, 4.4 percent in For February, Mesa County payrolls increased 458 to 75,237. Delta County and 4.8 percent in Rio Blanco County. The number of people counted among those unsuccessfully looking The statewide seasonally adjusted unemployment rate slipped for work edged down 30 to 3,500. The labor force, which includes the two-tenths of a point to 4 percent. That’s the lowest level since the employed and unemployed, grew 428 to 78,737. rate stood at 2.8 percent in February 2020 and before the onset of Englehart said the labor force has topped 78,000 for the first the pandemic in the United States. two months of 2022 after never exceeding that level in 2021. Nonfarm payrolls increased 14,100 between January and Between February 2021 and February 2022, payrolls swelled February. With that increase, Colorado has regained all the jobs 4,266 even the ranks of the unemployed shrank 1,884. The labor lost in March and April 2020 as a result of the pandemic and force increased 2,382. related restrictions. While a labor shortage persists, Englehart said there are more Since February 2021, nonfarm payrolls have grown 138,200 — applicants in the local labor pool to fill job openings. “I would say or 5.1 percent — with the biggest gains in the leisure and hospitality; that progress is being made.” business and professional services; and trade, transportation and Some applicants who were sitting on the sidelines — perhaps utility sectors. staying home with children during the COVID-19 pandemic Over the past year, the average workweek for employees on — have rejoined the work force, he said. Others have recently private, nonfarm payrolls shortened four-tenths of an hour to 32.9 relocated to Mesa County and are looking for work. “It’s really hours. Average hourly wages increased $2.92 to $33.79. kind of a mixed bag.” F The Business Times
AREA JOBLESS RATES
Consumer Confidence Index rebounds A monthly measure of consumer confidence has rebounded on more optimistic assessments of current business and labor conditions. Expectations for the near future were less upbeat, however, as concerns mounted over higher gasoline prices and the war in Ukraine. “These headwinds are expected to persist in the short term and may potentially dampen confidence as well as cool spending further in the months ahead,” said Lynn Franco, director of economic indicators at the Conference Board. The New York-based think tank reported its Consumer Confidence Index increased Lynn Franco 1.5 points to 107.2 in March after declines in February and January. The index is based on the results of monthly household surveys. Economists monitor the index because consumer spending accounts for more than two-thirds of economic activity. More optimistic assessments of business and labor conditions pushed up the present situation component of the index 10 points from February to March to 153.
The proportion of consumers responding to the survey upon which the March index was based who said business conditions were “good” rose two points to 19.6 percent. The share of those who said conditions were “bad” fell three points to 22.1 percent. The proportion of consumers who said jobs were “plentiful” rose 3.7 points to 57.2 percent, an historical high. The share of those who said jobs are “hard to get” fell 2.2 points to 9.8 percent. Less upbeat outlooks for the next six months pulled down the expectations component of the index 4.2 points to 76.6. The share of consumers who said they expected business conditions to improve fell 2.6 points to 18.7 percent. The proportion of those who said they anticipated worsening conditions rose 3.9 points to 23.8 percent. The share of consumers who said they expected more jobs to become available in coming months fell two points to 17.4 percent. Still, the proportion of those forecast fewer jobs also declined — 1.9 points to 17.7 percent. While 14.9 percent said they expected their incomes to increases — up two-tenths of a point — 13.7 percent said they expected their incomes to decrease, up seven-tenths of a point. F
