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Economy is up, but inflation bites into business recovery

Colorado’s economy is performing well, unemployment is down, and the state is adding jobs. So why are businesses struggling? A major issue, economists say, is inflation. ....

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Colorado Springs won't recover jobs until 2022: Forecast

The Colorado Springs economy won’t recover the jobs lost in the COVID-19 pandemic until next year, according to an economist at the University of Colorado at Colorado Springs.
While the local economy is recovering faster than the rest of the nation, Tatiana Bailey, director of the UCCS Economic Forum, said business closures and other disruptions will make it difficult to return to the near-record low unemployment rate that was reached just before the pandemic triggered a statewide stay-at-home order. She made the comments during a virtual presentation to the Apartment Association of Southern Colorado.
Bailey forecasts that El Paso County’s unemployment rate will average more than 6% this year, or nearly double the 3.3% rate in 2019 before the pandemic inflated last year’s average to more than 7%. The hotel and restaurant industries are a long way from rehiring the employees laid off during the pandemic, and some restaurants and retailers have closed permanently, she ....

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Minimum wage proposal under scrutiny

The federal minimum wage has stood at $7.25 per hour since 2009.
âItâs outdated,â said economist Tatiana Bailey, director of the UCCS Economic Forum in the College of Business. âWho lives on that?â
Although Bailey thinks an increase in the minimum wage is overdue, she and many business owners think the costs and consequences of a raise would be too great to enact it right now.
A minimum wage proposal is part of the federal stimulus package being considered in the U.S. Congress. While the proposal is shining a spotlight on Americaâs low-wage workers and the businesses that employ them, most observers think itâs unlikely to pass. ....

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