July 2004
Strongest employment gains in four years signal positive economic news
Improvement in the national economy has helped push Colorado and metro Denver into an economic recovery mode, according to data compiled by the Metro Denver Economic Development Corporation (Metro Denver EDC) in its Monthly Economic Summary for July 2004.
Nonfarm employment in Metro Denver increased by 11,000 positions in May. This was the third consecutive month of rising employment, resulting in the addition of 34,700 positions since February. This was the strongest three-month gain in employment since June 2000.
The metro area experienced major improvements in several key economic indicators, with 12 indicators moving in a positive direction for the month compared to only six last month.
Economic conditions are improving on an annualized basis as well, with 11 economic indicators now posting positive annual movements compared to only nine last month.
“This is the best economic news we've seen in four years," says Holli Baumunk, Director of Economic Development for the Metro Denver EDC. “We're seeing steady, significant employment growth and strong employer confidence when it comes to hiring expectations. We really feel the 'stars are beginning' to align for the metro area's economic recovery."
In addition, Metro Denver's unemployment rate decreased in May to 4.6 percent, compared to 5.2 percent for the previous month.
The Monthly Economic Summary provides a snapshot of metro area economic activity and its relation to regional and national economic trends.