Colorado’s unemployment price dips barely to six.1% in July
Colorado’s unemployment price dipped barely to six.1% in July, the Colorado Division of Labor and Employment (CDLE) introduced on Friday.
The transfer represents a 0.1% drop from June. It comes after the state’s financial system added greater than 14,800 jobs final month, marking the seventh consecutive month of job development within the state.
Over the identical time interval, the nationwide unemployment price dropped to five.4%, CDLE mentioned.
Rural counties proceed to have larger unemployment charges than extra densely populated counties. Pueblo, Huerfano, and Las Animas counties rank because the state’s top-three counties for unemployment.
Regardless of the elevated unemployment in sure components of the state, one purpose the statewide unemployment price dropped in July is as a result of Colorado’s labor power shrunk by 2,800 folks.
CDLE figures present Colorado’s participation price in July was 68.3%, which is beneath the state’s pre-pandemic price of 68.7% in February 2020.
In the meantime, Colorado is outperforming the nationwide job market when it comes to job restoration price. Over the past 15 months, Colorado has gained again 290,400 of the 375,800 nonfarm payroll jobs misplaced between February and April 2020, translating to a restoration price of 77.4%, in keeping with CDLE.
For comparability, the nationwide job market has recovered simply over 74% of its nonfarm payroll jobs misplaced.
The three industries displaying probably the most job development have been skilled providers, hospitality, and well being care providers. These industries mixed accounted for almost two-thirds of the general job development with greater than 10,000 jobs created.
On the identical time, the typical workweek in Colorado elevated by 0.7 hours to 33.9 hours per week.
The common hourly earnings in Colorado additionally elevated by $1.33 month-over-month, CLDE information exhibits. Employees are actually averaging $31.84 per hour, which is $1.30 above the nationwide common.