Inflation in Colorado cools but remains higher than national average in third quarter

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Inflation in Colorado cools but remains higher than national average in third quarter
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Rob Harris is so excited to be returning to his home state and telling stories with the Denver7 team! Having grown up in Fort Collins, he loves the people, places, and adventures that Colorado has to offer.

BOULDER, Colo. — The Colorado Secretary of State's Office and the CU Leeds School of Business released their 2023 3rdQuarter Business and Economic Indicators report, finding both"extraordinarily strong" job growth and"surprisingly strong" GDP growth, but also continued inflation in Colorado's economy.

"Colorado's labor force participation ranked fourth highest in the nation in August, and grew two percent year over year," Secretary of State Jena Griswold said during a media event held at the University of Colorado. Still, current inflation is above the Federal Reserve's goal inflation rate of 2 percent, and Colorado remains much higher than the national average, with the cost of housing being a key driver. Concerns remain for what continued high prices will mean for people in Colorado and businesses that rely on consumers feeling confident about future economic conditions.

Rich Wobbekind, a senior economist and the associate dean for business and government relations at CU Boulder, said consumption grew at a slower rate in the third quarter. Consumers, and their ability to"come to the table" in the months ahead, will tells us more about the economic conditions to come, he said.

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