Colorado’s unemployment rate rose slightly in July, reaching 3.9%, according to the latest data from the Colorado Department of Labor and Employment. Despite this increase, the state’s unemployment rate remains below the national average of 4.3%. The number of unemployed individuals in Colorado also rose by 1,800 in July, bringing the total to 126,300.
However, there was some positive news in the report as well. Employers in the state added 4,800 non-farm jobs in July, a significant increase from the previous month. This growth was seen in both the private and public sectors, with 2,500 jobs added in the private sector and 2,300 in the public sector. Broomfield-based economist Gary Horvath described the gains as „bland and broad-based,“ but noted that they were a positive sign given the current hiring slowdown across the country.
One of the key takeaways from the report was the broad-based nature of the job growth in July. According to Horvath, 14 out of 19 sectors tracked in the analysis of Colorado employment recorded increases, indicating that companies are likely hiring on a limited basis rather than laying off workers. The largest gains were seen in the trade, transportation, and utilities sector, which added 4,100 jobs. However, the manufacturing sector saw a loss of 1,000 jobs in July.
Looking at the bigger picture, Colorado has added a total of 43,200 jobs over the past year, with the majority of the growth coming from the private sector. Educational and health services saw the largest increase in jobs, adding 11,600 positions, followed by professional and business services with 7,400 new jobs. On the other hand, construction experienced the biggest decline, losing 4,200 jobs over the year, while the information sector lost 2,800 jobs.
Despite the recent increase in the unemployment rate, Colorado’s annual job growth rate stands at 1.5%, just below the national rate of 1.6%. This indicates that the state’s economy is still growing, albeit at a slightly slower pace than the rest of the country.
Overall, the latest report from the Colorado Department of Labor and Employment paints a mixed picture of the state’s job market. While there was some growth in July, the increase in the unemployment rate and the losses in certain sectors highlight the ongoing challenges facing Colorado’s economy. It will be important to monitor these trends in the coming months to see how the job market continues to evolve.