I’m brief this week as I had less time to do a detailed account of my work as I helped cover the Marshall Fires that devastated parts of Boulder County. (My coworkers did a thorough job, so check the coverage.)
But a few key employment and economic aspects of fire and disaster recovery deserve special attention:
- If you have lost your job or are self-employed and cannot work because of the fires, unemployment benefits are available under the Disaster Unemployment Assistance of the Federal Agency for Disaster. emergency management. Tip: You must first file a claim for regular state unemployment, then if you are found to be eligible, the disaster compensation form will be shared. >> DETAILS (or call 303-318-9000 or drop in person at the Disaster Assistance Center at 1755 S. Public Road in Lafayette)
- For Homeowners, Renters, and Small Businesses: There are disaster loans available from the Small Business Administration to help people repair damage and replace or repair personal property. >> DETAILS
- If you’re dealing with insurance to cover your losses, here’s our Catastrophe Insurance FAQs. The State Insurance Division also answers questions about the claims process at 303-894-7490 or 800-930-3745, DORA_Insurance@state.co.us or doi.colorado.gov (click “File a complaint “).
People always quit their jobs.
Data shows 2021 will be remembered as the Year of the Release, or as someone dubbed it “The Big Resignation,” as people voluntarily quit their jobs at the highest rates in history. of saved work.
The latest data released this week showed 4.5 million people who left their jobs in November – a record high, according to the monthly summary of job vacancies and workforce turnover, which tracks the number of people hired, fired or resigned in a given month. Before the pandemic, national quit rates peaked at around 2.4% in 2019 and fell to 1.6% in April 2020.
As I have learned while covering this JOLTS report since the Bureau of Labor Statistics started sharing state data last fall, the fact that a large number of people are leaving their jobs usually means it there is a growing economy with many vacancies. People give up and move on to better ones.
In this case, the national movement was mainly about accommodation and food services, health care and social assistance, as well as transportation, storage and utilities. Jobs in these categories employ many entry-level workers, usually at lower wages. And if you look at the job postings, many employers are increasing these wages, so it makes sense for people to move from job to job.
The other side of JOLTS is that it’s not just about quitting, but also tracking hires and vacancies. The number of job vacancies fell 6.6%, with the largest decline in accommodation and food services. This seems to imply that hotels and restaurants find workers – or settle for less. During this time, the number of hires remained stable.
While Colorado’s latest numbers won’t be released for two weeks, there are hints the Coloradans may not be stopping as much as everyone else. The national report shares the western region, which includes Colorado and California. Its quit rate was 2.8% in November, lower than October’s peak of 2.9%.
Then again, Colorado had the fourth-highest dropout rate in the country in September, so we’ll wait where Colorado lands for a future column.
In the meantime, let’s do some research together. Did you quit your job last year? Was it because of a better deal, a vaccination warrant, or were you just tired of what you were doing? Help us understand this together by sharing your story in this convenient form:
Learn more about the Great Resignation:
→ JOLTS reports are based on small samples which are much smaller than other economic reports, warned Ryan Gedney, state economist for the Department of Labor last November. But state data offers just a little more information on the economy. “The number of openings and abandonment rates are valuable because you can calculate the labor constraint. In terms of a higher quit rate, we believe the labor market is tighter due to the openings / unemployed ratio. These are all signs of an economy in recovery, ”he said at the time.
→ The “Great Resignation” was probably invented by Anthony Klotz, a professor at Texas A&M who used the term in May to predict the mass exodus of people from the workforce, reports The Atlantic. But writer Derek Thompson notes that it’s more about changing jobs. >> STORY
→ Where is this turnover? Low-wage workers, reports The New York Times. >> STORY
→ There were 109,868 jobs Advertised on the state’s job site at Connecting Colorado, approximately 25,000 allow remote work. >> BROWSE THE OPENINGS
Business leaders are optimistic
At least one group of people are happy with the financial outlook for 2022. Colorado business leaders surveyed by the University of Colorado’s Leeds Business Research Division are more confident in the first quarter of 2022 than in the quarter previous.
Indeed, the 231 business leaders questioned are already experiencing inflation and an increase in salaries which have an impact on their results. They expect it to become more moderate by the end of the year.
And it is with the belief that inflation will continue this year, although it is expected to be more subdued by the end of 2022, said Rich Wobbekind, senior economist and faculty director of the division.
- The rebound in the labor market through November left Colorado with a smaller jobs deficit than the country (-1.9% vs. -2.6% as of February 2020) and ranked the state at 17th in the country in terms of recovery and 12th in terms of year. performance over one year.
- Colorado’s personal income rose 8.7% in the third quarter from a year earlier, ranking fourth nationally.
- During the same period, Colorado’s gross domestic product grew 5.5%, ranking 10th nationally.
>> Read the report
Towards the end of 2021 unemployment data
There is only one week of unreported data for Colorado unemployment claims last year. It appears that 1,356 other people eligible for now-expired federal pandemic unemployment were paid for the week ending Christmas. I’ll be counting the numbers when the final week of continuous claims of 2021 is split next week.
But in other news, Colorado’s new jobless claims rose 31% last week to 2,206. We are now back above the weekly average of 1,900 before the pandemic. Here is the last graph:
Other work bits
→ KING SOOPERS STRIKE – Front Range King Soopers union members plan to strike for three weeks starting Wednesday. There are 87 stores in metro Denver and Colorado Springs that are affected by the picket lines planned by the United Food and Commercial Workers Local 7. Both sides say “unfair labor practices.” >> STORY
→ UI TRUST FUND – Rebuilding Colorado’s Unemployment Trust Fund (over $ 2 billion we’re missing) needs the $ 600 million Governor Jared Polis has proposed state lawmakers to approve. “If we don’t act, payroll taxes will rise in Colorado, costing businesses and workers money,” Polis said Thursday during the Colorado Sun’s 2022 legislative preview event. Sen. Bob Rankin, a Republican from Carbondale, who also spoke, said he plans to ask for even more because $ 600 million is still letting employers pay higher costs. Missing the annual Sun event? >> WATCH ONLINE
→ VACCINE MANDATE? President Biden’s vaccine mandate for private employers with 100 or more employees was debated in the United States Supreme Court on Friday. The decision appears to be on hold and CNN reports the court is set to block it. The ordinance, which will be enforced by the Occupational Safety and Health Administration, is expected to come into force on Monday.
→ SICK DAYS – One of four people tested in Denver for COVID-19 is positive, Denverite reports. This is likely contributing to worker shortages – a trend the Wall Street Journal describes as calling America sick. >> WSJ, Denverite
Thanks for reading! But now take a minute and share your job or business story on cosun.co/job-stories. If you know of anyone who recently quit their job and will talk about it, email them at email@example.com. Stay healthy! ~Tamara