Establishment survey data:

Employers in Colorado added 8,600 nonfarm payroll jobs from November to December for a total of 2,911,500 jobs, according to the survey of business establishments. Private sector payroll jobs increased 8,000 and government added 600 jobs.

Over the past 32 months, Colorado has added 466,400 nonfarm payroll jobs, compared to losses totaling 374,500 in March and April 2020. That translates to a job recovery rate of 124.5 percent, which exceeds the U.S. rate of 105.6 percent.

Since May 2020, Colorado’s private sector has grown by 458,500 jobs, compared to declines of 358,800 in early 2020. That translates to a job recovery rate of 127.8 percent and outpaces the U.S. rate of 108.0 percent.

Other highlights from the establishment survey:

• November estimates were revised up to 2,902,900, and the over the month change from October to November was a gain of 5,300 rather than the originally estimated increase of 4,300 (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 December were: professional and business services (~5,000), leisure and hospitality (~4,400), other services (~1,700), and manufacturing (~1,200). Significant over the month private sector job loss occurred in educational and health services (~2,600) and financial activities (~1,100).
• Since December 2021, nonfarm payroll jobs have increased 104,700, with the private sector growing by 94,800 and government adding 9,900 jobs. The largest private sector job gains were in professional and business services (~31,900), leisure and hospitality (~20,300), and educational and health services (~13,300). During that same period financial activities (~3,400) payroll jobs declined. Colorado’s rate of job growth over the past year is 3.7 percent, outpacing the U.S. rate of 3.0 percent.
• Over the year, the average workweek for all Colorado employees on private nonfarm payrolls decreased from 33.1 to 32.9 hours, while average hourly earnings grew from $33.36 to $35.52, two dollars and seventy cents 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 two-tenths of a percentage point in December to 3.3 percent.
• The number of unemployed individuals dropped by 6,700 over the same time period to 106,700. Colorado’s unemployment rate has ranged between 3.3 and 3.6 percent since April. The national unemployment rate declined by one-tenth of a percentage point to 3.5 percent, which translates to approximately 5.7 million unemployed.
• Colorado’s labor force decreased by 7,200 in December to 3,244,700. The share of Coloradans participating in the labor force fell slightly to 69.0 percent in December, compared to 69.2 percent the month prior. The U.S. labor force participation rate was 62.3 percent in December, rising one-tenth of a percentage point from the month prior.
• The number of individuals employed in Colorado declined by 500 in December to 3,138,000, which represents 66.7 percent of the state’s 16+ population. The rate of 66.7 percent is nearly one and a half percentage points higher than a year ago and two-tenths of a percentage point higher than it was in February 2020. The national employment-to-population ratio was 60.1 percent in December and remains below its February 2020 level of 61.2 percent.

In accordance with the Colorado Healthy Families and Workplaces Act, employees may use up to a total of 80 hours (prorated for part-time) of Public Health Emergency Leave (PHEL) for up to four weeks after pertinent state and federal emergency declarations expire or are rescinded. On Jan. 11, the federal declaration of Covid-19 as a public health emergency was extended through April 11, meaning employees can use Covid-related leave through May 10.

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For any questions related the PHEL, please contact Northwest Region Business Services Coordinator Christina Oxley at christina.oxley@state.co.us.

(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. 

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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.

How hot is the labor market really?

Don’t be misled by yesterday’s super-strong jobless claims report. The labor market is slowing along with the rest of the economy. 

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Labor market leverage could shift as remote jobs decline

The pandemic ushered in a new era of workers having the upper hand, allowing them to job-hop and insist on perks like working from home. While the number of open jobs still far outweighs the number of unemployed, cracks seem to be forming in the leverage employees gained over the past three years.

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Kansas Fed on inflation, soft landing and the labor market

Federal Reserve Bank of Kansas City President Esther George discusses the current state of inflation, the possibility of an economic soft landing and the importance of diversity and transparency at the Fed with Mike McKee on "Bloomberg Markets."

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

Guide to employment best practices for 2023

Employers seeing value in hiring ex-felons in tight labor market.

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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Get to know your workforce center

Virtual

On demand until March 30

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