News Trends Contributors Jobless rate holds steady Opinion Business Briefs Business People Almanac The Business Times
December 23, 2021-January 5, 2022
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INDICATORS AT A GLANCE
n Business filings t New business filings in Colorado, 38,211 in the third quarter, down 1.2% from the third quarter of 2020.
n Confidence
t Consumer Confidence Index 109.5 in November, down 2.1. t Leeds Business Confidence Index for Colorado, 56.1 for the fourth quarter, down 11.2. s National Federation of Independent Business Small Business Optimism Index 98.4 for November, up 0.2.
n Foreclosures
s Foreclosure filings in Mesa County, 3 in November, up from 2 in November 2020.
n Foreclosure sales in Mesa County, 0 in November, unchanged from 0 in November 2020.
n Indexes
s Conference Board Employment Trends Index, 114.49 for November, up 1.46. s Conference Board Leading Economic Index 119.9 for November, up 1.1%. s Institute for Supply Management Purchasing Managers Index for manufacturing, 61.1% for November, up 0.3%.
n Lodging
s Lodging tax collections in Grand Junction, $249,464 for October, up 75.5% from October 2020.
n Real estate
t Real estate transactions in Mesa County, 440 in November, down 6% from November 2020. s Dollar volume of real estate transactions in Mesa County, $170 million in November, up 11.1% from November 2020.
n Sales
s Sales and use tax collections in Grand Junction, $6.39 million for October, up 17.8% from October 2020. s Sales and use tax collections in Mesa County, $4.2 million for November, up 15.3% from November 2020.
n Unemployment n Mesa County — 4.7% for November, unchanged. t Colorado — 5.1% for November, down 0.3. t United States — 4.2% for November, down 0.4.
Labor demand remains strong, especially in the health care sector Phil Castle
over the same span in 2020 and 46 percent increase over the same period in 2019. Englehart said the volume of job Nov. Oct. The monthly unemployment rate orders has increased to the highest level s Delta County 4.4 4.0 remains unchanged in Mesa County even he’s seen in the five years he’s worked as s Garfield County 4.2 4.1 as labor demand remains strong, especially director. n Mesa County 4.7 4.7 in the health care sector. While job orders are spread out among s Montrose County 4.3 4.0 The labor force most industry sectors, the majority come s Rio Blanco County 4.6 4.1 continues to grow, from health care, he said. “It’s a dire need positioning the county right now.” well for the year ahead, said Curtis Englehart, Englehart encouraged students and retirees considering director of the Mesa County Workforce Center working part-time to apply for positions in health care and help in Grand Junction. “I’m hopeful we can keep fill that need. They can call the Mesa County Workforce Center at up this momentum.” 248-7560 to talk with an employment specialist. The seasonally unadjusted jobless rate Looking ahead, Englehart said he expects the jobless rate remained unchanged between October and to hold steady or perhaps decline slightly for December. He also Curtis Englehart November at 4.7 percent, according to the expects the typical spike in the rate in January, then a gradual latest estimates from the Colorado Department decline in 2022. of Labor and Employment. Between October and November, seasonally unadjusted The jobless rate has dropped more than three points since unemployment rates increased in neighboring Western Colorado January with declines in eight out of the last 10 months. At this counties — a half point to 4.6 percent in Rio Blanco County, time last year, the rate stood at 6.7 percent. four-tenths of a point to 4.4 percent in Delta County, three-tenths Between October and November, Mesa County payrolls of a point to 4.3 percent in Montrose County and a tenth of a point increased 127 to 73,896. The number of people counted among to 4.2 percent in Garfield County. those unsuccessfully looking for work also rose — 40 to 3,639. The state seasonally adjusted jobless rate fell three-tenths of a The labor force, which includes the employed and unemployed, point to 5.1 percent as nonfarm payrolls grew 9,800. increased 167 to 77,535. Over the past year, nonfarm payrolls increased 117,500 with Compared to a year ago, payrolls increased 1,668 even as the the biggest gains in the leisure and hospitality; professional and ranks of the unemployed decreased 1,557. The workforce edged business services; and trade, transportation and utilities sectors. up 111 for a fifth consecutive month of year-over-year gains. Construction employment declined 1,400. Englehart said lower jobless rates in recent months more Over the past 19 months, Colorado has regained 322,000 of the accurately reflect labor market conditions. 375,800 jobs lost between February and April 2020 at the onset of Labor demand as measured by the number of job orders posted the COVID-19 pandemic and related restrictions. That job recovery at the Mesa County Workforce Center continues to increase, he rate of 85.7 percent exceeds the national rate of 82.5 percent. said. The average workweek for employees on private nonfarm For November, 1,102 orders were posted, a nearly 61 percent payrolls shortened 1.2 hours over the past year to 33.1 hours. increase over the same month a year ago. Through November, Average hourly earning increased $1.78 to $33.05. 10,788 orders were posted in 2021. That’s an 80 percent increase F The Business Times
AREA JOBLESS RATES
Small Business Optimism Index edges upward A measure of optimism among small business owners has edged up, but also reflects record-low expectations for improving conditions. “As the end of the year nears, the outlook for business conditions is not encouraging to small business owners as lawmakers propose additional mandates and tax increases,” said Bill Dunkelberg, chief economist of the National Federation of Independent Business. “Owners are also pessimistic as many continue managing challenges like rampant inflation and supply chain disruptions.” The NFIB reported its Small Business Bill Dunkelberg Optimism Index rose two-tenths of a point to 98.4 in November. The small business advocacy group bases the index on the results of monthly surveys of members, most of them small business owners. For November, four of 10 components of the index increased, four declined and two remain unchanged. The proportion of those responding to the survey upon which the November index was based who said they expect the economy to improve in coming months fell a point from October to a net negative 38 percent and a tie for the lowest reading in the 48-year history of the index. A net 27 percent of respondents reported plans to increase
capital outlays, down four points. A net 10 percent said they consider now a good time to expand, unchanged. A net 25 percent reported plans to increase staffing, down one point. A net 48 percent reported unfilled job openings, also down a point.Asked to identify their single most important business problem, 29 percent cited quality of labor and 9 percent cost of labor. A net 44 percent of respondents said they raised compensation, a record-high proportion. A net 32 percent said they expect to raise compensation in the next three months, also a record. The share of those who said they expect more sales rose two points to 2 percent. The share of those reporting higher earnings remained unchanged. But at a net negative 17 percent, a bigger share reported lower earnings. Among those reporting higher earnings, 61 percent credited sales volume. Of those reporting lower earnings, 32 percent blamed the cost of materials and 25 percent lower sales. A net 10 percent reported plans to increase inventories, up two points. A net 15 percent said they consider current inventories too low, up six points. A net 59 percent of respondents reported raising selling prices, an increase of six points from October and the highest reading since 1979. Price hikes were most frequent in the wholesale, construction and manufacturing sectors. F
