Buckle Up, It’s Gonna Get Real Bumpy
Keeping on Track When Everything’s Off-The-Rails
Earlier this week, the Colorado Employment Situation for November 2020 was distributed by the Colorado Department of Labor and Employment (CDLE) reporting a slightly encouraging trend for local workers. A .4% percent drop in Lake County’s unemployment numbers from 6.6% in August down to 6.2% for September indicates that Mother Nature’s fair September weather likely contributed to more employees being kept on the payroll during the extended leaf-peepin’ tourist season.
“My business stayed steady thru September,” stated one downtown vendor. “I was happy with my summer numbers.”
Readers can find some economic highlights, and a peek at how neighboring counties are doing on the COVID jobs rebound in the data provided below. The FULL Colorado Employment Situation Release for September 2020.
- Colorado’s labor force decreased by 100 in November to 3,136,000. The labor force participation rate declined by one-tenth of a percentage point to 67.5 percent.
- The number of individuals employed in Colorado increased by 500 in November to 2,936,700, which represents 63.2 percent of the state’s 16+ population.
- The Colorado counties with the highest unemployment rates in November were: San Miguel (11.2%), Pitkin (10.2%), Huerfano (8.7%), Pueblo (8.3%), and Eagle (7.8%). County-level unemployment rates are not seasonally adjusted and are directly comparable to Colorado’s November unadjusted rate of 6.2 percent.
Vote Finalized on Covid Relief Package
- $600 stimulus checks for individuals earning up to $75,000 per year.
- Federal unemployment insurance expansion of $300 per week for 16 weeks (through April 2021).
- Extension of unemployment insurance benefits by 11 to 16 weeks beyond the current Dec. 30 expiration.
- An additional $284 billion for the Paycheck Protection Program, providing businesses a second forgivable loan to businesses that have sustained a 30% revenue loss in any quarter of 2020. The loan forgiveness process will also be simplified.
- $69 billion for testing and vaccine distribution.
- $83 billion in education funding.
- $25 billion in rental assistance and a continued eviction moratorium.
- $13 billion for food assistance.
- Additional funding for mental health resources and supports, including substance abuse.
- Stabilization grants for child care providers.