Establishment survey data:

Employers in Colorado added 4,300 nonfarm payroll jobs from October to November for a total of 2,901,900 jobs, according to the survey of business establishments. Private sector payroll jobs increased 2,000 and government added 2,300 jobs. Over the past 31 months, Colorado has added 456,800 nonfarm payroll jobs, compared to losses totaling 374,500 in March and April 2020. That translates to a job recovery rate of 122.0 percent, which exceeds the U.S. rate of 104.7 percent.

Since May 2020, Colorado’s private sector has grown by 448,500 jobs, compared to declines of 358,800 in early 2020. That translates to a job recovery rate of 125.0 percent and outpaces the U.S. rate of 107.2 percent.

Other highlights from the establishment survey:

• October estimates were revised down to 2,897,600, and the over the month change from September to October was a gain of 14,500 rather than the originally estimated increase of 17,700 (monthly revisions are based on additional responses from businesses and government agencies since the last published estimates).
• Private industry sectors with significant job gains in November were: educational and health services (~2,800), professional and business services (~2,200), and financial activities (~2,000). Significant over the month private sector job loss occurred in construction (~3,400) and leisure and hospitality (~2,600).
• Since November 2021, nonfarm payroll jobs have increased 103,400, with the private sector growing by 90,900 and government adding 12,500 jobs. The largest private sector job gains were in professional and business services (~31,200), educational and health services (~16,000), and leisure and hospitality (~12,200). During that same period financial activities (~700) payroll jobs declined. Colorado’s rate of job growth over the past year is 3.7 percent, outpacing the U.S. rate of 3.3 percent.
• Over the year, the average workweek for all Colorado employees on private nonfarm payrolls was flat at 33.2 hours, while average hourly earnings grew from $33.07 to $35.88, over three dollars more than the national average hourly earnings of $32.82.

Household survey data:

• According to the survey of households, Colorado’s seasonally adjusted unemployment rate decreased one-tenth of a percentage point in November to 3.5 percent. The number of unemployed individuals dropped by 2,700 over the same time period to 113,600. Colorado’s unemployment rate has ranged between 3.3 and 3.6 percent since April. The national unemployment rate was unchanged in November at 3.7 percent, which translates to approximately 6.0 million unemployed.
• Colorado’s labor force decreased by 4,700 in November to 3,252,100. The share of Coloradans participating in the labor force fell slightly to 69.2 percent in November, compared to 69.4 percent the month prior. The U.S. labor force participation rate was 62.1 percent in November, dropping one-tenth of a percentage point from the month prior.
• The number of individuals employed in Colorado declined by 2,000 in November to 3,138,400, which represents 66.8 percent of the state’s 16+ population. The rate of 66.8 percent is one and a half percentage points higher than a year ago and three-tenths of a percentage point higher than it was in February 2020. The national employment-to-population ratio was 59.9 percent in November and remains below its February 2020 level of 61.2 percent.

(DENVER) – Colorado employers have a new, easy way to manage their paid family medical leave benefits. The My FAMLI+ Employer portal is a one-stop shop for employers to manage their obligations under the new, voter-approved statewide paid family leave program. All employers can now access My FAMLI+ Employer from famli.colorado.gov. 

On Jan. 1, Colorado employers and employees will start contributing to the FAMLI program. Benefit payments will become available to most Colorado workers starting in January 2024.

Colorado workers can apply for paid leave benefits starting in 2024. Workers will file a claim for FAMLI benefits directly through the state, similarly to how they would file an unemployment insurance claim.

• Employers are required to notify employees of payroll deductions by posting the Required Program Notice by Jan. 1, 2023.
• Employers and their employees both fund the FAMLI program and may split the cost 50/50. Premiums are set at 0.9% of the employee’s wage, with 0.45% paid by the employer and 0.45% paid by the employee. (Employers can pay all or some of the employee share as an added benefit if they wish.)
• Employers with 9 or fewer employees aren’t required to pay the employer share and are only responsible for deducting and remitting the 0.45% employee share to the FAMLI Division once a quarter. 
• Eligible workers can get up to 12-16 weeks of pay calculated on a sliding scale based on earnings, with lower wage earners receiving up to 90% of their wages. Workers can take FAMLI leave continuously, intermittently, or in the form of a reduced work schedule.
• Colorado workers will apply directly to the state for benefits. Employers won’t be responsible for directly paying eligible employees while they’re unable to work.
• Self-employed workers and independent contractors can access paid family leave if they agree to pay FAMLI 0.45% of their wages for three years. These individuals will be able to self-elect coverage when benefits become available in 2024.
• Local governments (such as cities and counties) can opt out of the program.
• Private employers of any size can apply for approval to use a private plan if that offers the same or greater benefits and protections as the state-run FAMLI plan. Private plans must be approved by the FAMLI Division.
• Federal employees are not eligible for Colorado FAMLI benefits. 

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The US economy showed signs of slowing with retail sales and manufacturing dropping last month, but the labor market remained resilient as employers largely hold onto workers.

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US retail sales fall after hefty gains; labor market still tight

U.S. retail sales fell more than expected in November, but consumer spending remains supported by a tight labor market, with the number of Americans filing for unemployment benefits decreasing by the most in five months last week.

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Increase employee retention and enthusiasm at work

If your company has been severely impacted by the Great Resignation, it may be an indication that the management team is out of touch with what employees truly care about and why they signed up to join the business in the first place. 

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The labor market is 3.5 million people smaller than it should have been: Fed Chair Powell

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On behalf of the entire Northwest Colorado Workforce Area team, we hope you have a wonderous holiday season and a prosperous New Year.

Colorado Resiliency Summit

Free | Virtual

1 - 3 p.m., Jan. 26

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Funding Downtown Improvements

Free | Virtual

9 a.m., Jan. 26

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Develop Your Business Plan (Level 2)

Virtual

8 a.m., Dec. 20

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