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Prices in the Mountain West are soaring. The Labor Department reported this week a year-to-year inflation rate of 8.5%, the highest rise in consumer prices since 1981. Broken down by region, the Mountain West stands out with a 10.4% spike.
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The New Mexico legislature this week approved sending economic relief to about 1.4 million residents to counter rising costs in the state. That mirrors other efforts across the Mountain West – the region seeing the highest rates of inflation in the country.
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Inflation is the highest the nation’s seen since the 1980s. It’s worst in the Mountain West. According to the Bureau of Labor Statistics, consumer prices increased 8.6% in our region, the highest nationally.
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A new Brookings Institution analysis helps fill the data gap, finding that nearly 40% of Native Americans saw cuts in work hours or pay over the last year – higher than all other racial or ethnic groups.
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The median sale price for a single family home in the state hit $530,000 this summer — an eye-popping 24% increase over last year. Rents are rising too. One team of homebuilders in Timnath hopes to offer a more affordable option.
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Colorado’s economy added 10,800 jobs in June as the pace of recovery cooled slightly, indicating a slow, but steady, rebound from the COVID-19 pandemic.
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U.S. oil prices rose to $70 a barrel this week — a sign the industry is bouncing back after a bust brought on by the pandemic. That’s bringing a much-needed jolt into the local economy in Weld County.
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As Colorado emerges from the COVID-19 pandemic, economic experts are bullish about the state’s recovery in the coming year. But long before vaccination drives were rolled out, a lot of Coloradans began launching new businesses on their own.
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The broad collection of legislation is made up of everything from small business support to funding for new infrastructure projects. It does not include direct cash payments to Coloradans.
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Two new reports complicate the narrative that hordes of newcomers to the Mountain West are driving up home prices.