News Trends Contributors June jobless rate jumps Opinion Business Briefs Business People Almanac The Business Times
August 11-24, 2022
PAge 19
INDICATORS AT A GLANCE
n Business filings
t New business filings in Colorado, 43,780 in the first quarter, down 2.1 percent from the first quarter of 2021.
n Confidence
t Consumer Confidence Index 95.7 for July, down 2.7. t Leeds Business Confidence Index for Colorado, 41.1 for the third quarter, down 12.8. s National Federation of Independent Business Small Business Optimism Index 89.9 for July, up 0.4.
n Foreclosures s Foreclosure filings in Mesa County, 20 in July, up from 2 in July 2021. s Foreclosure sales in Mesa County, 6 in July, up from 0 in July 2021.
n Indexes
t Conference Board Employment Trends Index, 117.53 for July, down 1.18. t Conference Board Leading Economic Index 117.1 for June, down 0.8. t Institute for Supply Management Purchasing Managers Index for manufacturing, 52.8% for July, down 0.2%.
n Lodging
s Lodging tax collections in Grand Junction, $527,820 for June, up 28.5% from June 2021.
n Real estate
t Real estate transactions in Mesa County, 396 in July, down 33.4% from July 2021. t Dollar volume of real estate transactions in Mesa County, $170 million in July, down 29.7% from July 2021.
n Sales
s Sales and use tax collections in Grand Junction, $6.3 million for June, up 8.6% from June 2021. s Sales and use tax collections in Mesa County, $4.2 million for June, up 10.4% from June 2021.
n Unemployment s Mesa County — 3.6% for June, up 0.3. t Colorado — 3.4% for June, down 0.1. t United States — 3.5% for July, down 0.1.
But seasonal speed bump in Mesa County still smaller than last year Phil Castle
For June, 862 orders were posted. That’s down from 1,060 for the same month last year. For the first half of 2022, June May The unemployment rate increased 4,968 orders were posted. That’s down s Delta County 3.4 3.2 in Mesa County in June — something of from 5,567 for the first half of 2021. n Garfield County 2.8 2.8 seasonal speed bump attributed in part to Englehart said the latest numbers of s Mesa County 3.6 3.3 college and high school graduates entering job orders remain healthy, but also indicate s Montrose County 3.1 3.0 the labor market, but not yet finding jobs. more employers are filling positions in a s Rio Blanco County 3.8 3.7 But at three-tenths tight labor market. of a point, the June Looking ahead to the second half of jump this year was smaller than last year. 2022, Englehart said he expects the unemployment rate to edge Moreover, the latest jobless rate is lower at down. But the decreases likely will be incremental since the 3.6 percent. jobless rate has remained below 4 percent for four straight months. While a shrinking labor force remains Barring any unforeseen events, the outlook is encouraging, something to watch, overall conditions have he said. “I think Mesa County is in a really good place for 2022.” improved, said Curtis Englehart, former Seasonally unadjusted unemployment rate also rose in director of the Mesa County Workforce neighboring Western Colorado counties in June: up two-tenths of Curtis Englehart Center in Grand Junction. “It’s really a much a point to 3.4 percent in Delta County and up a tenth of a point different outlook.” to 3.1 percent in Montrose County and 3.8 percent in Rio Blanco The seasonally unadjusted unemployment rate rose in Mesa County. The jobless rate held steady at 2.8 percent in Garfield County from 3.3 percent to 3.6 percent between May and June, County. according to the latest estimates from the Colorado Department The statewide seasonally adjusted unemployment rate of Labor and Employment. Last year, the rate spiked from 5.8 retreated a tenth of a point to 3.4, the lowest level since the rate percent to 6.7 percent. stood at 2.8 percent in February 2020 before the onset of the Between May and June 2022, Mesa County payrolls COVID-19 pandemic in the United States. decreased 992 to 75,046. The number of people counted among Nonfarm payrolls increased 4,500 between May and June. those unsuccessfully looking for work increased 273 to 2,833. Over the past 26 months, nonfarm payrolls increased The labor force, which includes the employed and 412,300, more than offsetting jobs lost in early 2020 because of unemployed, shrank 719 to 77,879. The labor force has declined the pandemic and related restrictions. three consecutive months — small decreases Englehart said don’t Over the past year, payrolls increased 111,700 with the raise alarms, but the trend is worth watching. biggest gains in the leisure and hospitality; professional and Over the past year, payrolls increased 3,094 — or 4.3 percent. business services; and trade, transportation and utilities sectors. The ranks of the unemployed decreased 2,316. The labor force No sectors lost jobs during that period. grew 778. The average workweek for employees on private, nonfarm Labor demand as measured by the number of job orders payrolls shortened six-tenths of an hour over the past year to 33.2 posted at the Mesa County Workforce Center has slowed from hours. Average hourly earnings increased $2.61 to $34.21. what Englehart said was an unsustainable pace last year. F Business Times
AREA JOBLESS RATES
Business index edges up, but reflects uncertainty A measure of optimism among small business owners has edged up, but remains below its historical average as uncertainty over inflation, labor shortages and other problems persist. The National Federation of Independent Business reported its Small Business Optimism Index rose four-tenths of a point between June and July to 89.9. The index has remained below its historical average of 98 for six straight months, however. “The uncertainty in the small business sector is climbing again as owners continue to manage historic inflation, labor shortages and supply chain disruptions,” said Bill Bill Dunkelberg Dunkelberg, chief economist of the NFIB. “As we move into the second half of 2022, owners will continue to manage their businesses into a very uncertain future.” The NFIB bases the index on the results of monthly surveys of members of the small business advocacy group, most of them small business owners. For July, six of the 10 components of the index decreased and four increased. The proportion of NFIB members who responded to the survey upon which the July index was based who said they expect the economy to improve over the next six months rose nine points between June and July. The increase was the first this year. But at a net negative 52 percent, more of those who responded anticipated
worsening economic conditions in the months ahead. A net 22 percent of respondents reported plans for capital outlays, down a point. A net 4 percent said they consider now a good time to expand, up a point. The share of those who reported plans to increase staffing rose a point to a net 20 percent. But a net 49 percent also reported unfilled job openings, down a point. The proportion of respondents who said they expect increased sales fell a point to a net negative 29 percent. A net 1 percent reported plans to increase inventories, up three points. A net 2 percent said current inventories were too low, down three points. The share of those who expect increased profits fell a point to a net negative 26 percent. Among those reporting lower profits, 40 percent blamed the rising cost of materials and 17 percent cited weaker sales. Asked to identify their single most important problem, 37 percent cited inflation. That’s an increase of three points from June and the largest proportion since the fourth quarter of 1979. Another 21 percent of respondents cited quality of labor. A net 56 percent of respondents reported raising their average selling prices, down seven points from June. Price hikes were most frequent in the wholesale, manufacturing, construction and retail sectors. F
