National News
The economic market ended the first half of the year at a moderately advanced position, as investors reacted calmly to the interest rate hike of 0.25 percentage point. (The Denver Post, July 1, 2004).
Nationwide, the sales of existing homes hit an all time high in June, triggered by the rise in interest and mortgage rates. (The Denver Post, July 27, 2004).
On the jobs front, U.S. employers added less than half the forecasted amount of new positions over the past two months, indicating a weak recovery. The unemployment rate remained unchanged for the third month in a row. (The Rocky Mountain News, July 3, 2004).
In further bad news, the wages of U.S. workers are not keeping pace with consumer prices. Wages increased 2.2% over the last year, while prices increased 3.1%. (The Rocky Mountain News, July 3, 2004).
And finally, as a result of poor earnings and outlook reports, weak job growth, and rising oil prices, the markets settled lower than they have in three months. (The Denver Post, Aug. 1, 2004).
Regional News
The majority of Colorado public company stock prices and bond fund proces ended down in the second quarter. The gloomy results were due to investor belief in higherr interest rates. (The Denver Post, July 1, 2004).
The Front Range manufacturing index rose in June for the fifth consecutive month, indicating strong manufacturing growth in the region. (The Denver Post, July 2, 2004).
Colorado added 5,800 new jobs in June, the fourth month in a row of non-farm job growth. June was also an 18 month high in employment. (The Denver Post, July 20, 2004).
The median price of a single family home in the metro area reached $244,800, up 2.9% from a year ago. Sales of existing homes climbed in July, due to a slight decline in mortgage rates. (The Denver Post, July 28, 2004).
Metro area apartment vacancy rates are dropping, as builders are constructing fewer new properties. For the quarter, average rents increased, but landlords continue to offer free rent incentives to entice renters to their units. (The Denver Post, July 28, 2004).
Broomfield County
The University of Colorado Business Research Division issued its latest reports on the local economy. Employment in Broomfield County fell 1.5 percent from the fourth quarter of 2003, but was 1.8% higher than a year ago. Unemployment remained unchanged from the previous quarter. Total residential building permits rose five percent from the previous quarter. (The Boulder County Business Report, July 9-22, 2004).
Boulder County
According to the University of Colorado Business Research Division, unemployment fell in Boulder County in the first quarter of 2004 to its lowest level since 2001. Employment was 1.9% higher than for the same period in 2003. Further residential building permits in the first quarter were at their highest level since 2001. 9The Boulder County Business Report, July 9-22, 2004).
