DENVER—Private Colorado economist Tucker Hart Adams said Tuesday there’s a high probability the recession will last at least through 2009.
She told the Independent Petroleum Association of Mountain States to expect more job losses next year, a higher unemployment rate with more people taking part-time jobs while they look for full-time work, and lower inflation of around 1 to 2 percent.
On Monday, Richard Wobbekind of the University of Colorado’s Leeds School of Business said he expected 4,000 job losses in Colorado next year and an unemployment rate of 6.5 percent.
The rate was 5.7 percent in October. As of last month, the Office of State Planning and Budgeting was predicting a 5 percent unemployment rate for 2009. The office is expected to issue its latest quarterly revenue and economic forecast later this month.
Adams says energy industry growth will probably slow next year, but a lot depends on how long natural gas and oil prices stay down and for how long.
Broomfield-based Vail Resorts has said it plans to lay off about 50 workers and eliminate nearly 100 vacant positions. It has 3,300 full-time employees.
Internet network provider Level 3 Communications Inc., also based in Broomfield, says it is laying off about 450 North America employees, or about 8 percent of its total work force.
Anheuser-Busch InBev plans to cut some 1,400 U.S. jobs but has not said how its Fort Collins brewery will be affected.
