‘Glimmer of hope’ for economy

Filed under: Daily News | Tags:, ,

Although Colorado’s unemployment is still high and job losses are expected to continue, positive national economic indicators will likely boost the state’s small business conditions, said Vectra Bank’s Corporate Economist Jeff Thredgold.

Locally, the Vectra Bank Colorado small business index measured 76.9 during April, down from a revised 78.1 during March. The index decline reflects the 3.1 percent year-over-year decline in the state’s employment.

Total employment fell by 71,900 jobs during the past 12 months.

But, Thredgold said, national signs indicate that the recession could be over by the end of summer.

Nationally, consumer spending rose at a 2.2 percent annual rate during the first quarter.

Although current national unemployment is 8.9 percent – the highest in 25 years -, the average hourly wage rose one cent to $18.51, a rise of 3.2 percent over the past 12 months.