Unemployment: The Gorilla in the Economic Recovery
The state's unemployment rate remains high, rising for the second straight month—to 8.4 percent. The only silver lining is that the number is lower than the nation's stubborn 9.6 percent. Donald Mares, Colorado's director of labor, attempts to put a positive spin on the news, pointing to "encouraging signs of improvement, including recent increases in online job postings" (via the Denver Business Journal). But unemployment in some parts of the state is deplorable.
In the Colorado Springs area, for instance, the jobless rate hit 9.2 percent in October, the worst since the Great Recession began in 2008, writes the Gazette. Yet, there's some good news in the Springs, too: Sales tax collections are up, and foreclosures are down. Congress recently voted down an extension of unemployment benefits for millions. If lawmakers don't renew them after Thanksgiving recess, benefits for up to 2,500 Coloradans a week will start to expire before the end of the month, reports 9News.
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