The Vectra Bank Colorado Small Business Index for Colorado climbed to 79.8 in August 2009, up from a revised 78.1 in July, mostly because high unemployment rates have expanded the labor pool for employers.
"The last time Colorado's unemployment reached current levels was the spring of 1987, over 22 years ago. There's no question it's a painful time for the state's labor force," said Jeff Thredgold, Vectra Bank Colorado's corporate economist, in a statement.
"The return to employment strength is going to be a slow process. But positive U.S. economic growth expected this quarter should bode well for Colorado moving forward," Thredgold said.
Colorado's unemployment rate was estimated at 7.8 percent in July, up from 7.6 percent in June. August employment data will be reported on Sept. 18.
The index measures business conditions from the viewpoint of the Colorado small business owner or manager. A higher index number is associated with more favorable business conditions for Colorado's small businesses.
The index uses 100.0 for calendar year 1997 as its base year.
Vectra Bank is a unit of Salt Lake City-based Zions Bancorp.
"The last time Colorado's unemployment reached current levels was the spring of 1987, over 22 years ago. There's no question it's a painful time for the state's labor force," said Jeff Thredgold, Vectra Bank Colorado's corporate economist, in a statement.
"The return to employment strength is going to be a slow process. But positive U.S. economic growth expected this quarter should bode well for Colorado moving forward," Thredgold said.
Colorado's unemployment rate was estimated at 7.8 percent in July, up from 7.6 percent in June. August employment data will be reported on Sept. 18.
The index measures business conditions from the viewpoint of the Colorado small business owner or manager. A higher index number is associated with more favorable business conditions for Colorado's small businesses.
The index uses 100.0 for calendar year 1997 as its base year.
Vectra Bank is a unit of Salt Lake City-based Zions Bancorp.
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