Colorado’s robust economy has added 405,400 jobs since April 2020, eclipsing the 374,500 jobs the state lost in March and April 2020. This represents a recovery rate of 108.3 percent which is 13.3 percentage points higher than the nationwide recovery rate of 95%. Colorado added 14,600 jobs in April and March’s employment level was revised downwards by 500.
Colorado added 6,700 jobs in January and December jobs were revised upwards by 28,100. January non-farm employment rose to 2,813,500 which is just below that of January 2020’s 2,820,300. Though employment has nearly returned to the pre-pandemic level of January 2020, job growth needs to accelerate for employment to keep pace with population growth.
Colorado added 9,000 jobs in December and November jobs were revised upwards by 5,000. The combined growth over the last two months of 2021 of 23,100 jobs presents a stark contrast to the prior year, when the two months combined for 25,500 job losses.
Driven by labor shortages and increased employment opportunities, job growth in October surged to its highest monthly amount since July. Labor force participation of mothers during the pandemic lagged consistently up until September. Their overall participation rate in October remained higher than pre-pandemic levels for the second straight month.
On this edition of Common Sense Digest, we are joined by Patty Silverstein, Chief Economist at Development Research Partners and Chris Brown, Vice President of Policy and Research with Common Sense Institute. Patty dives into her extensive research on the topic and discusses the impact of federal relief money given to individuals, businesses, and governments on the recovery, which segments of the economy are most challenged (and which ones are thriving), and what’s ahead.