[] [] []

FOURTH QUARTER 1997 IN REVIEW

Employment change from last quarter+ 0.8
Employment change from year ago+ 4.5
Wage change from year ago+11.3

QUARTERLY

Historically low unemployment, high consumer confidence, low inflation and one of the longest post World War II economic expansions marked the Colorado economy during fourth quarter of 1997. Economic turmoil in Asia had little effect on employment during this quarter. The high employment level, at slightly under 2 million, caused employers to have a difficult time finding employees. Since last quarter employment rose by 15,196 employees, a gain of 0.8%. Seasonal factors which affected the Colorado employment picture were the end of the growing season, the onset of winter weather and a particularly nasty October storm, the end of the tourist season and beginning of ski season and a full session of school following summer break. The largest industry gain occurred in Government which added 12,332 employees as schools were back in session.

TCPU had the second largest gain with unusually large increases in the communications sector. Agriculture, Construction and Mining reported employment declines, a reflection of the seasonal nature of these industries.


ANNUAL

Colorado added 85,389 employees, up 4.4%, the largest gain since fourth quarter of 1994. Services reported the largest expansion up 34,379 employees, the result of increased demand for telemarketing, temporary help and computer services. FIRE reflected the largest percent gain over the year, up 8% due to hiring in the insurance and mortgage banking fields. In terms of percent, Government replaced Mining as the slowest growing industry up 1.7%. Mining rose 5% though it added only 666 employees as compared to the addition of 5213 employees in Government.


 % EMPLOYMENT CHANGE
 QUARTERLYANNUAL
AGRICULTURE- 20.7+ 7.3
MINING- 1.3+ 5.0
CONSTRUCTION- 3.1+ 6.5
MANUFACTURING+ 1.1+ 4.3
TCPU+ 2.9+ 4.3
WHOLESALE+ 1.1+ 4.4
RETAIL+ 0.5+ 2.3
FIRE+ 1.3+ 8.0
SERVICES+ 0.5+ 6.3
GOVERNMENT+ 4.2+ 1.7