Unemployment rate remains steady across Northwest Colorado counties |
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Household survey data
According to the survey of households, Colorado’s seasonally adjusted unemployment rate was flat in September at 3.4 percent. While the number of unemployed individuals fell by 2,200, the unemployment rate was unchanged due to rounding.
The national unemployment rate edged downward by two-tenths of a percentage point to 3.5 percent, which translates to approximately 5.8 million unemployed.
Colorado’s labor force declined by 2,800 in September to 3,255,100. The share of Coloradans participating in the labor force lowered by two-tenths of a percentage point to 69.4 percent last month. The U.S. labor force participation rate was 62.3 percent in September, dropping one-tenth of a percentage point from the month prior.
The number of individuals employed in Colorado decreased slightly by 600 in September to 3,145,400, which represents 67.1 percent of the state’s 16+ population. That rate of 67.1 percent is over two percentage points higher than a year ago and six-tenths of a percentage point higher than it was in February 2020. The national employment-to-population ratio was flat at 60.1 percent in September and remains below its February 2020 level of 61.2 percent.
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Establishment survey data
Employers in Colorado added 5,600 nonfarm payroll jobs from August to September for a total of 2,882,800 jobs, according to the survey of business establishments. Private sector payroll jobs increased 7,600 and government shed 2,000 jobs. Over the past 29 months, Colorado has added 437,700 nonfarm payroll jobs, compared to losses totaling 374,500 in March and April 2020. That translates to a job recovery rate of 116.9 percent, which exceeds the U.S. rate of 102.3 percent.
Since May 2020, Colorado’s private sector has grown by 435,400 jobs, compared to declines of 358,800 in early 2020. That translates to a job recovery rate of 121.3 percent and outpaces the U.S. rate of 105.3 percent.
Other highlights from the establishment survey:
- August estimates were revised up to 2,877,200, and the over the month change from July to August was a gain of 14,600 rather than the originally estimated increase of 12,400 (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 September were: leisure and hospitality (~3,500), other services (~2,300), and educational and health services (~2,000). There were no industries with significant over the month declines.
- Since September 2021, nonfarm payroll jobs have increased 113,000, with the private sector growing by 106,700 and government adding 6,300 jobs. The largest private sector job gains were in leisure and hospitality (~30,100), professional and business services (~29,800), and trade, transportation, and utilities (~13,800). During that same period financial activities (~2,600) payroll jobs declined. Colorado’s rate of job growth over the past year is 4.1 percent, slightly outpacing the U.S. rate of 3.9 percent.
- Over the year, the average workweek for all Colorado employees on private nonfarm payrolls was unchanged at 33.5 hours, while average hourly earnings grew from $32.46 to $34.43, nearly two dollars more than the national average hourly earnings of $32.46.
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U.S. needs to work through labor market "shuffle and churn"
The U.S. labor market is still in the middle of adjusting to new wage and occupation trends that grew out of the pandemic as large firms raise wages and draw workers away from jobs that pay less, Atlanta Fed president Raphael Bostic said on Tuesday.
Global cyber workforce needs 3.4 million professionals to fill gaps, study finds
Although the global cybersecurity workforce has increased by 11.1% since last year, millions of cyber professionals are still needed to adequately protect their organizations and entities from security risks, according to a study released by a nonprofit consortium of cybersecurity professionals on Thursday.
Four basic values driving your workforce
The “Great Resignation.” “Quiet quitting.” For employers who have been hit with record turnover, higher employee costs and falling morale, it seems like there is no end to the bad news.
But there is some good news on the horizon. Smart employers are using lessons learned and, as the labor market begins to cool, can gain from the tumult over the past few years.
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Where are the Workers?
Join Colorado Department of Labor and Employment business services coordinators Christina Oxley and Carolyn Tucker as we dive into what's happening in the current labor market, look at workforce predictions and learn how employers can adapt to what could be a spooky new reality.
9:30 - 11 a.m.
Oct. 31 | Free & Virtual
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Colorado Demography Summit
Virtual
8:30 a.m. | Nov. 4
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State of the Labor Market
Colorado Mountain College
9 a.m. - noon
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Women's Leadership Summit
9 a.m. - 5 p.m. | Nov. 4
The Steamboat Grand
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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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