A seasonal lull brought about by the end of the Christmas buying and shipping frenzy, and cooler weather hampering growing and building caused a loss of 8589 employees since last quarter. Colorado's economy continues, however, to prosper up 83,737 employees since first quarter a year ago. Both Services and Retail enjoyed strong annual growth. High demand for worker outplacement and increased personal income and consumer spending contributed to the increase in these industries. Some slowing was apparent in Construction and FIRE due to interest rate increases instituted in 1994.
One third of the employers covered by unemployment insurance are surveyed each year to determine that they are properly classified by :
1.Standard Industrial Classification (SIC), a code that identifies the type of product or service produced by the business; 2.County, each business is assigned a three digit code according to the county in which it operates.
This year the survey was conducted for all businesses in Agriculture; Mining; Construction; Manufacturing; Transportation, Communication & Public Utilities; and Finance, Insurance & Real Estate. SIC or county changes are made to first quarter data only, but the impact of those changes may be evident throughout the year, particularly when data are compared to the previous year. Virtually all industry groups are affected in some way since businesses may be moved out of a surveyed industry and into any industry for proper classification. The impact of the change is determined by the overall change in employment and wages in each industry group.
Colorado Employment and Wages (ES202) First Quarter 1995
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