National News
For the month, the major stock indexes maintained, propped up by positive jobs reports, after bouncing around over oil prices, inflation concerns and interest rate hike fears. (The Denver Post, June 11, June 15, 2004). The Comsumer Price Index rose 0.6% in May, the largest monthly jump since January 2001. Fortunately, the core inflation rate rorse only .2%, a much more modest increase. (The Denver Post, June 16, 2004). Economists reported increased manufacturing activity as well as postive news on housing construction, indicating a continued strong recovery. (The Denver Post, June 17, 2004).
The combination of high oil costs and rising interest rates caused economic experts to worry about the possibility of the country entering a recession. (The Denver Post, June 1, 2004). By the end of the month, though, falling gas prices pushed up consumer confidence. (The Denver Post, June 30, 2004). Further, job growth continues around the country. U.S. employers hired nearly a quarter-million new workers in May, totalling 1.2 million for the year so far. (The Rocky Mountain News, June 5, 2004).
Regional News
Temporary work appears to be picking up in Colorado, often a harbinger of more permanent jobs to come. (The Rocky Mountain News, June 19, 2004). On the negative side, according to the U.S. Census Bureau, average earnings for new hires at the end of 2002, are comparable with those of 1996. Thus, the new employees hired during the economic downturn are commanding much lower wages than those hired during the economic boom of the late 1990's and early 2000's. (The Rocky Mountain News, June 5, 2004).
Home sales in the Denver Metro area were down for June, with the number on the market at an all-time high. (The Denver Post, June 22, 2004). Bankruptcies in Colorado also increased 12% in the first half of this year, as compared to the same period last year. Through June 15, residents and companies filed 12,927 cases, up from the record of 11,535 a year ago. (The Denver Post, June 22, 2004).
According to the Daily Camera, the registered foreclosures in Boulder and Broomfield Counites are still increasing. These were up about 17% from the january to June period in 2003. According to the paper, county officicals do not expect the 2004 foreclosures to hit the same high as 2003 since the growth rate has slowed this year. (Daily Camera, July 9, 2004)
