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21F2639B7CF14ACD8725875A0059189B Hearing Summary


Date Sep 24, 2021      
Location SCR 352

Economic Overview - Committee Discussion Only

10:13:14 AM  
David Hansen, Legislative Council Staff,
began the presentation on the Economic Outlook and Economic Trends to Date
During the COVID-19 Pandemic (Attachment D). He began by discussing the
continuing economic recovery, noting that consumer activity is driving
growth. He continued by discussing how spending compares to pre-pandemic
levels. Mr Hansen shared information about different economic sectors,
and highlighted Colorado's labor market and levels of unemployment.
10:22:38 AM  
Mr. Hansen discussed the jobs recovery in
various industries. He explained that job openings surpass unemployment
and outpace hiring activity, noting that the employment recovery varies
by region. Mr. Hansen discussed energy production in Colorado.
10:27:46 AM  
Mr. Hansen discussed U.S. personal income
growth and the effect of declining transfer payments. He continued by discussing
inflationary pressures, especially in the energy and transportation sectors,
and noted that persistent supply chain issues raise the risk of inflationary
pressures. He discussed home price acceleration in recent years, noting
that demand is expected to cool and supply to increase, reducing home price
acceleration in the future.
10:31:11 AM  
Mr. Hansen responded to questions from the
task force regarding the labor force participation rate in Colorado and
oil and gas activity. Kate Watkins, Chief Economist, Legislative Council
Staff, discussed inflation in the energy and transportation sectors.  The
task force discussed the current labor market and labor market participation.
Mr. Hansen responded to questions regarding retail sales data and contributing
factors to the labor force participation rates in Colorado. Mr. Hansen
and Ms. Watkins further addressed inflation.
10:44:19 AM  
Ms. Watkins responded to questions from
the committee regarding inflation and potential bubbles in the housing
market and stock market. The task force and presenters discussed costs
associated with public and employee benefits. Ms. Watkins responded  to
questions regarding the unemployment rate and GDP.  Representative
Young asked if health and safety concerns were affecting the labor force
participation rate in Colorado.

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