Sept. 15, 2008, wasn’t the beginning of the end. The economy was already in a fragile state by the time Lehman Brothers filed for bankruptcy protection that day.
But it was the collapse of Lehman, one of the nation’s key financial institutions, that pushed the panic button, precipitating a full-scale retreat by banks and businesses that circled the world and cost tens of thousands of jobs here in the Pikes Peak region (see our financial crisis timeline).
A year later, the repercussions of Sept. 15 reverberate even as the economy appears to be beginning a slow turnaround.
The federal government has pledged trillions of dollars of spending and guarantees, local unemployment is at the highest levels in more than 20 years, major retailers continue to struggle, and millions of Americans worry about their jobs while keeping their wallets closed tight.
Today, we use facts and figures to review what’s been one of the toughest years on record for our region. And we look ahead at what we can expect locally as the economy tries to claw its way back to health.
EMPLOYMENT: Thousands out of work; no signs of improvement
NATIONAL SCENE: When it comes to buying, the rules have changed
* Check out a timeline of the national and local economic crisis.
* Introducing The Gazette's new economic data center, featuring up-to-date charts on local economic indicators, including employment, retail sales, auto registrations and others.
* The Gazette and the University of Colorado at Colorado Springs are sponsoring a consumer survey to gauge local shoppers' intentions for the holiday shopping season.
* Read more business news in The Gazette's Biz Blog.
UPCOMING ECONOMIC EVENTS
* Panel discussion on "Economic Recovery in Colorado: Where Are We Going?"
When: 5:30-7 p.m. Wednesday
Where: Penrose House, 1661 Mesa Ave.
Who: Forum for Civic Advancement
Cost: Free, but space is limited
Info: www.elpomar.org and click on "programs"
* 13th Annual Southern Colorado Economic Forum
When: 7 a.m.-noon Oct. 30
Where: Antlers Hilton hotel, 4 S. Cascade Ave.
Who: Southern Colorado Economic Forum, University of Colorado at Colorado Springs College of Business
Cost: $75 ($95 for four hours of real estate continuing education credits)