Unemployment rate up throughout Northwest region, reflecting seasonal layoffs |
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Household survey data
According to the survey of households, Colorado’s seasonally adjusted unemployment rate increased two-tenths of a percentage point in October to 3.6 percent.
The number of unemployed individuals rose by 6,800 over the same time period to 116,400. Colorado’s unemployment rate has ranged between 3.3 and 3.6 percent since April. The national unemployment rate also moved up by two-tenths of a percentage point to 3.7 percent, which translates to approximately 6.1 million unemployed.
Colorado’s labor force increased by 1,900 in October to 3,256,900. The share of Coloradans participating in the labor force has remained steady at 69.4 percent for two consecutive months. The U.S. labor force participation rate was 62.2 percent in October, dropping one-tenth of a percentage point from the month prior.
The number of individuals employed in Colorado declined by 5,000 in October to 3,140,400, which represents 66.9 percent of the state’s 16+ population. The rate of 66.9 percent is almost two percentage points higher than a year ago and four-tenths of a percentage point higher than it was in February 2020. The national employment- to-population ratio was 60.0 percent in October and remains below its February 2020 level of 61.2 percent.
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Establishment survey data
Employers in Colorado added 17,700 nonfarm payroll jobs from September to October for a total of 2,900,800 jobs, according to the survey of business establishments. Private sector payroll jobs increased 15,400 and government added 2,300 jobs.
Over the past 30 months, Colorado has added 455,700 nonfarm payroll jobs, compared to losses totaling 374,500 in March and April 2020. That translates to a job recovery rate of 121.7 percent, which exceeds the U.S. rate of 103.7 percent.
Since May 2020, Colorado’s private sector has grown by 449,500 jobs, compared to declines of 358,800 in early 2020. That translates to a job recovery rate of 125.3 percent and outpaces the U.S. rate of 106.3 percent.
Other highlights from the establishment survey:
- September estimates were revised up to 2,883,100, and the over the month change from August to September was a gain of 5,900 rather than the originally estimated increase of 5,600 (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 October were: professional and business services (~5,900), construction (~2,600), trade, transportation, and utilities (~2,000), educational and health services (~1,400), manufacturing (~1,300), and other services (~1,100). There were no industries with significant over the month declines.
- Since October 2021, nonfarm payroll jobs have increased 116,200, with the private sector growing by 104,800 and government adding 11,400 jobs. The largest private sector job gains were in professional and business services (~35,300), leisure and hospitality (~17,100), and educational and health services (~13,600). During that same period financial activities (~1,400) payroll jobs declined. Colorado’s rate of job growth over the past year is 4.2 percent, outpacing the U.S. rate of 3.6 percent.
- Over the year, the average workweek for all Colorado employees on private nonfarm payrolls increased from 33.4 to 33.8 hours, while average hourly earnings grew from $32.69 to $35.27, two dollars and sixty-nine cents more than the national average hourly earnings of $32.58.
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Hidden Workers: The Untapped Potential of Youth
Businesses can reap both short- and long-term benefits from hiring youth. How can employers create an environment where youth feel encouraged, supported and challenged? How do employers weave behaviors from four different generations into a cohesive team?
Join Samantha Freese, the National Association of Workforce Professionals Youth Career Counselor of the Year and Youth Career Counselor for the Northwest Region, as she shares ideas designed to help employers welcome the next generation of workers and navigate the opportunities and challenges of targeting youth to meet current and future hiring needs.
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9:30 - 11 a.m.
Nov. 29 | Free & Virtual
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Chris, Carolyn and the Northwest Workforce team wish you a safe and Happy Thanksgiving |
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About the Northwest workforce region |
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Christina Oxley
Rio Blanco, Moffat, Routt, Grand and Jackson counties
970.620.1690
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Business services team
Your business services staff, Christina Oxley and Carolyn Tucker, are highly trained, resourceful, out-of-the-box thinkers dedicated to businesses, community and economic development. We believe that thriving local economies are the best foundations for businesses to succeed, and that strong businesses contribute to thriving economies and meaningful employment. Our number one goal is to support businesses in attracting and retaining the talent they need to grow and thrive.
Our staff are experts in local labor markets and look forward to helping you with your workforce needs. Contact us to learn more about tailored services and resources to support your business.
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Carolyn Tucker
Eagle, Garfield, Lake,
Pitkin and Summit counties
970.880.4172
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Workforce office locations |
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If you have a question about unemployment, please contact them directly at 1-800-388-5515. Workforce centers are no longer able to assist with unemployment insurance questions or claims. |
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CRAIG
Moffat County
970.824.3246
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EDWARDS
East Eagle County
970.926.4440
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LEADVILLE
Lake County
719.486.2428
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MEEKER
Rio Blanco County
970.878.4211
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FRISCO
Grand, Jackson
and Summit counties
970.668.5361
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GLENWOOD SPRINGS
Garfield, Pitkin and
West Eagle counties
970.945.8638
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STEAMBOAT
SPRINGS
Routt County
970.879.3075
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