National Economic News
Stocks were mostly up in February, with only the NASDAQ lagging a little. For the month, the Dow was up 2.63%, the S&P 500 gained 1.89%, and the NASDAQ lost 0.52%. (The Denver Post, Mar. 1, 2005).
The nationwide unemployment rate dropped to a three year low of 5.2% in January. Employers added 146,000 jobs in January, recouping the positions lost since the start of the 2001 recession. (The Rocky Mountain News, Feb. 5, 2005).
Nationwide, the number of jobless claims fell in February to its lowest level in more than four years. (The Denver Post, Feb. 11, 2005).
On February 2, the Federal Reserve raised short-term interest rates to 2.5%, an increase of one-quarter of a percentage point. (The Denver Post, Feb. 3, 2005).
Nationwide, construction of new homes rose 4.7% in January. Fueled by the continuing low mortgage rates, it is at its highest level in more than two decades. (The Denver Post, Feb. 17, 2004).
Mortgage rates continue near all-time lows in spite of increases in the short-term discount rates implemented by the Federal Reserve Board. (The Rocky Mountain News, Feb. 19, 2005).
Regional Economic News
The Denver metro area added a net growth of 700 jobs in 2004, the first annual gain in jobs since 2001. (The Denver Post, Feb. 2, 2005).
Colorado is ranked tenth in the nation for foreclosed property on the market. In 2004, Colorado home values rose only 5%, as opposed to the national average of 9.36%. (The Denver Post, Feb. 8, 2005).
Inflation in the Denver metro area last year fell to its lowest rate in 40 years. (The Denver Post, Feb. 24, 2005).
