National Economic News
At the end of September, the stock market closed out its best 3rd quarter in seven years. (The Rocky Mountain News, Oct. 1, 2005).
The Labor Department announced that the unemployment rate climbed to 5.1 percent in September, as a result of the jobs lost due to Hurricane Katrina. Previously the unemployment rate was at a four year low of 4.9 percent. Payrolls fell by 35,000 jobs in retailing, lodging, bars, restaurants, and leisure pursuits such as gambling. (The Rocky Mountain News, October 8, 2005).
Nationwide, bankruptcies soared as the date neared for a new law that would make it harder for consumers to gain protection from creditors. Personal filings were averaging more than 20,0000 per day. (The Denver Post, October 12, 2005).
In the U.S., the growth of home equity loans slowed, in response to rising interest rates. The value of home equity lines of credit increased 17 percent in September, as opposed to a grown rate of 45 percent last fall. (The Denver Post, October 13, 2005).
Consumer prices rose last month, fueled by the impact of Hurricanes Katrina and Rita, by the highest amount in a quarter of a century. (The Rocky Mountain News, October 15, 2005).
Construction of new homes in the U.S. unexpectedly increased 3.4 percent over August, in spite of the impact of Hurricanes Katrina and Rita. (The Denver Post, October 20, 2005).
The Stock Market had a tumultuous month in October, resulting in an overall decrease in the major indexes. (The Denver Post, November 1, 2005).
Regional Economic News
The unemployment rate in Colorado fell to 5.1 percent in September, indicating slow and steady job growth. A year earlier, the rate was 5.4 percent. (The Rocky Mountain News, October 22, 2005).
In October, metro Denver homes sales remained strong, but prices for single family homes stayed flat and those for condos fell. The median price for a single family home was $250,000, which was the same as reported in September, and down from August's record $255,000. The median condo prices fell 4.3 percent to $157,904, from $165,000 in September. (The Denver Post, October 26, 2005).
