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FINANCE, INSURANCE & REAL ESTATE

(60 - 67)

Employment change from last quarter+ 0.4
Employment change from year ago+ 4.2
Wage change from year ago+ 8.4

QUARTERLY

The FIRE industry added 600 employees since first quarter 1999 for a gain of 0.4%. Sector activity was mixed. Strong gains were reported in Security & Commodity (62) up 656 employees. This sector experienced the largest quarterly change. Expansions undertaken by an existing firm and expansions by a company entering the Colorado market added 332 employees to Security & Commodity Brokers. . Services Allied with the Exchange of Securities gained 329 due to expansion by a major organization. Banking (60) added 371 employees. During the quarter a couple of small branch banks were opened and staff was increased in firms processing check cashing and electronic fund transfers. Employment in Credit Agencies (61) reflected a large drop, losing 469 employees. This is its first decline since fourth quarter 1994. Closures and severe cutbacks at a number of personal credit institutions caused a loss of 311. Closures and cutbacks in mortgage banking and a large layoff in business credit covered the remaining losses. Real Estate (65) lost 231 employees. Losses were seasonal, the result of cutbacks at property management firms following the end of the ski season.

ANNUAL

Employment in the FIRE industry rose 4.2% adding 5528 employees. Growth has been influenced by the health of the economy and low interest and mortgage rates. All sectors expanded except for Insurance Agents (64). Insurance Carriers (63) reported the largest sector increase up 1518 employees. Increased demand for title insurance services, expansion by a pension fund administrator and SIC changes adding 180 accounted for most of the gain in this sector. Security & Commodity (62) grew by 1261 over the year. Expansions adding more than 600 employees occurred in services allied to the exchange of securities. Another 600 were added to security brokers and dealers due to the opening of a new business and expansions. Steady yearlong

increases in commercial banks generated a 956 employee gain in Banking (60). Credit Agencies (61) grew by 943. Growth was dominated by expansions in services dealing with mortgage loans. Holding & Investments (67) rose by 801 employees. SIC changes of 120 and movement of staff into holding companies for reporting purposes generated most of the change. The loss of 424 employees in Insurance Agents resulted from SIC changes instituted in January.


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Colorado Employment and Wages (ES202) Second Quarter 1999