Economic Forecast Continues to Show Impacts of COVID-19 Pandemic
DENVER - The Governor’s Office of State Planning and Budgeting (OSPB) released its quarterly economic forecast today.
“Colorado was one of the first economies to safely reopen in a way that addresses the new health challenges created by the virus. Our businesses and workers are resilient, adapting and getting creative to meet the unique obstacles created by this global pandemic. But we all must continue to do our part by wearing masks and avoiding large gatherings to avoid the mistakes of other states, or the economic damage left in the wake of the virus will grow. We acted early to reduce the economic pain of the pandemic by delaying taxes, streamlining and suspending various regulations, and supporting small businesses with emergency aid,” said Governor Polis.
Colorado’s economic activity remains below normal levels; however, the state’s economy continues performing better than the national average because coronavirus cases are comparatively low, and Colorado has a high percentage of the workforce that can work remotely.
Overall, the U.S. economy continues to recover from the pandemic recession in April, but activity remains below normal levels and the rate of improvement is slowing. Nationally, the unemployment rate remains above eight percent. Personal incomes and savings rates are above pre-pandemic levels due to major federal relief measures such as expanded unemployment insurance benefits. While higher incomes and savings are positive signs for the economic outlook, the recovery remains highly dependent on the course of the virus.
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