April Recovery Watch

Colorado unemployment rate drops for eleventh straight month, state economy continues improving 

The unemployment rate continued to decrease in April, falling from 7.1 percent in March to 6.9 percent in April. That marks the lowest unemployment rate since January 2009. The small decline in unemployment is a result of improvement in the labor market. In April, about 4,000 workers entered the labor force, and the number of employed Coloradans increased by about 7,500 according to one measure. Colorado’s unemployment rate remains below the national rate, which also fell in April.

Unemployment 
The unemployment rate in Colorado decreased for the eleventh consecutive month in April. The rate fell 0.2 percentage points from 7.1 percent in March to 6.9 percent in April. (See Figure 1.) The unemployment rate in April 2013 was 1.3 percentage points lower than it was in April 2012 and is the lowest unemployment rate since January of 2009 when the unemployment rate was 6.7 percent. However, Colorado’s unemployment rate is still 2.8 percentage points higher than when the recession began in December 2007. Nationally, the unemployment rate also declined slightly from March to April, moving from 7.6 percent to 7.5 percent. The national unemployment rate of 7.5 in April is the lowest since December of 2008 when the rate was 7.3 percent.

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In the latest edition of Colorado Recovery Watch, CCLP policy analyst Andrew Ball examines a range of data showing where the state of Colorado stands on the road to economic recovery.

Colorado Recovery Watch is a monthly snapshot of economic data, with a special focus on jobs and public-assistance programs. Read it online, along with other analysis of jobs and economic security from the Colorado Center on Law and Policy.

March Recovery Watch

Colorado unemployment rate drops for tenth straight month, state economy continues to strengthen

The most recent economic data from the U.S. Bureau of Labor Statistics show yet another slight decrease in Colorado’s unemployment rate from 7.2 percent in February to 7.1 percent in March. That marks the lowest unemployment rate since January 2009. The small decline in unemployment is a result of continued, albeit slight, improvement in the labor market. In March, about 1,200 workers entered the labor force and the number of employed Coloradans increased by about 5,000. Colorado’s unemployment rate remains below the national rate, which also fell in March.

Unemployment 
The unemployment rate in Colorado decreased for the tenth consecutive month in March. The rate fell 0.1 percentage points for the second straight month. (See Figure 1.) The unemployment rate in March 2013 was more than one percentage point lower than it was in March 2012 and is the lowest unemployment rate since January of 2009 when the unemployment rate was 6.7 percent. However, Colorado’s unemployment rate is still three percentage points higher than when the recession began in December 2007. Nationally, the unemployment rate also declined slightly from February to March moving from 7.7 percent to 7.6 percent. The national unemployment rate of 7.6 in March is the lowest since December of 2008 when the rate was 7.3 percent.

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In the latest edition of Colorado Recovery Watch, CCLP policy analyst Andrew Ball examines a range of data showing where the state of Colorado stands on the road to economic recovery.

Colorado Recovery Watch is a monthly snapshot of economic data, with a special focus on jobs and public-assistance programs. Read it online, along with other analysis of jobs and economic security from the Colorado Center on Law and Policy.

February Recovery Watch

Colorado unemployment rate drops again, reaches four-year low; state economy continues to strengthen

The most recent economic data from the U.S. Bureau of Labor Statistics show a decrease in Colorado’s unemployment rate from 7.3 percent in January 2013 to 7.2 percent in February 2013. That marks the lowest unemployment rate since February 2009 when the state’s unemployment rate was also 7.2 percent. The decline in the state’s unemployment rate is a result of improvement in the labor market. In February, more than 8,000 workers entered the labor force and the number of employed Coloradans increased by about 10,000. It appears the economic recovery may be building momentum and that real improvement is underway across the state. The national unemployment rate decreased from 7.9 percent in January 2013 to 7.7 percent in February 2013. Also, the most recent data available show continued growth in the number of people in Colorado enrolled in public assistance programs such as Medicaid, CHP+ and SNAP.

Unemployment 
The unemployment rate in Colorado decreased for the eighth consecutive month in January. The rate fell 0.1 percentage points, from 7.3 percent in January to 7.2 percent in February. (See Figure 1.) The rate is 0.8 percentage points lower than six months prior and is a full percentage point lower than February 2012. Colorado’s unemployment rate in February 2013 was the lowest since February 2009 when the rate was also 7.2 percent. In other words, this is the lowest unemployment rate Colorado has had in the past four years. However, Colorado’s unemployment rate is still more than three percentage points higher than when the recession began in December 2007. Nationally, the unemployment rate declined from January to February moving from 7.9 percent to 7.7 percent. The national unemployment rate of 7.7 percent in February is the lowest since December of 2008 when the rate was 7.3 percent.

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In the latest edition of Colorado Recovery Watch, CCLP policy analyst Andrew Ball examines a range of data showing where the state of Colorado stands on the road to economic recovery.

Colorado Recovery Watch is a monthly snapshot of economic data, with a special focus on jobs and public-assistance programs. Read it online, along with other analysis of jobs and economic security from the Colorado Center on Law and Policy.

January Recovery Watch

Colorado unemployment rate drops for seventh straight month; state economy shows strength

               

The most recent economic data from the U.S. Bureau of Labor Statistics show a decrease in the state unemployment rate from 7.5 percent in December 2012 to 7.3 percent in January 2013. That marks the lowest unemployment rate since February 2009 when the state’s unemployment rate was 7.2 percent. The decline in the state’s unemployment rate is a result of improvement in the labor market. In January, roughly 6,000 workers entered the labor force and, according to two separate surveys, the number of employed Coloradans increased as well. In light of these latest numbers, it appears that the economic recovery may be gaining momentum and that real improvement is underway across the state. The national unemployment rate decreased from 7.9 percent in January 2013 to 7.7 percent in February 2013. Also, enrollment in public assistance programs in Colorado increased during December as Medicaid, CHP+ and the SNAP program saw increases in enrollment.

Unemployment

The unemployment rate in Colorado decreased for the seventh consecutive month in January. The rate fell 0.2 percentage points, from 7.5 percent in December to 7.3 percent in January. (Figure 1) The rate is 0.8 percentage points lower than six months prior and is a full percentage point lower than January 2012. However, Colorado’s unemployment rate is still 3.2 percentage points higher than when the recession began in December 2007. Nationally, the unemployment rate declined from January to February moving from 7.9 percent to 7.7 percent. The national unemployment rate of 7.7 percent in February is the lowest since December of 2008 when the rate was 7.3 percent.

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The January unemployment rate leaves Colorado in the middle of the pack with the 22^nd highest (worst) unemployment rate among the 50 states. Meanwhile, in January, California had the highest (worst) unemployment rate at 9.8 percent and North Dakota had the lowest (best) at 3.3 percent.

The most recent economic forecast from the Colorado Legislative Council staff (LCS), released March 18, affirms the positive economic forecast for Colorado. According to the LCS, Colorado’s economic recovery has been one of the most vibrant in the country. LCS points to steady improvement in the real estate and labor markets as well growth in consumer spending as a few of the signs that a more mature recovery is taking hold in Colorado. Moving forward, LCS predicts lingering budget issues at the federal level could be a drag on the state’s economy over the next few months but, if that happens, the economy will return to more robust growth later in 2013 and beyond.

In the latest edition of Colorado Recovery Watch, Rice Fellow Andrew Ball examines a range of data showing where the state of Colorado stands on the road to economic recovery. 

Colorado Recovery Watch is a monthly snapshot of economic data, with a special focus on jobs and public-assistance programs. Read it online, along with other analysis of jobs and economic security from the Colorado Center on Law and Policy.

Colorado Medicaid expansion advances in legislature

March 14 marked a historic day in Colorado, in which hundreds of thousands of low-income individuals and families moved one step closer to accessing meaningful, affordable health care coverage.  The Senate Health and Human Services Committee approved by a 5-2 margin Senate Bill 13-200 http://www.leg.state.co.us/clics/clics2013a/csl.nsf/fsbillcont3/8A3C037DB1746F5787257A83006D05A8?Open&file=200_01.pdf , which proposes to expand Medicaid in Colorado pursuant to the Affordable Care Act to all individuals under age 65 whose annual income is below 133 percent of the federal poverty level ($15,281 for an individual and $25,975 for a family of three).  SB 200 passed out of the committee with bipartisan support, despite the characteristic partisan divide that envelopes discussions on health reform.

The committee hearing began with a powerful introduction by Senator Irene Aguilar, the bill sponsor, in which she explained that expanding Medicaid is a great deal for our state, it will grow the economy, and most importantly it’s the right thing to do.  Senator Aguilar explained that a majority of those who would become eligible under the expansion are employed but are either not offered coverage or cannot afford it.  According to a CCLP report http://www.cclponline.org/uploads/files/medicaid_expansion_edited.pdf , more than 122,000 working Coloradans would gain access to coverage under the expansion.  Senator Aguilar drove home the importance of health care access for low-income families by citing a report by the Colorado Trust that predicts expanding Medicaid could save 600 lives in Colorado per year. 

The committee heard from six panels of supporting testimony, including members of the health care industry, physicians, consumer advocates and concerned citizens.  CCLP’s Elisabeth Arenales provided historical context, stating that the Medicaid expansion “builds on a fifteen-year track record of achievement in bringing Coloradans into health insurance coverage.”  Some of these achievements include the 1998 adoption of CHP+, various Medicaid eligibility expansion to parents and adults in 2004, and  the 2011 establishment of the Colorado Health Benefit Exchange.  Perhaps the most striking testimony came from Tish Barber, a wife and mother of three boys who drove 5 ½ hours to share her family’s story.  Her husband works full time for a tire company that does not offer insurance coverage and they are unable to afford coverage in the individual market.  Ms. Barber told the committee how crucial it is that her children are covered under Medicaid, but her and her husband remain uninsured and at risk for potentially bankrupting medical expenses should they become sick.  She told the committee that Colorado has a chance to change the lives of many low-income Coloradans.  We commend the committee for taking that chance.