Colorado hiring rebounds in February after losses in January
After a weak start to the year, hiring rebounded strongly in Colorado in February. But the number of people joining the labor force outpaced the number of jobs added, resulting in a slightly higher unemployment rate, according to a monthly update from the Colorado Department of Labor and Employment.
The state lost a revised 700 jobs in January, reversing the initially reported gain of 800 jobs and putting Colorado in a group of only four states to suffer a decline in nonfarm payroll jobs that month.
Those losses were likely caused by a colder and snowier start to the year, said Ryan Gedney, a senior economist with the CDLE on a press call Friday morning. Employers went back to hiring in February, adding an estimated 6,200 jobs, continuing a bouncing pattern seen across much of last year of alternating months of strong and weak hiring.
“It is great that employment increased by 6,200 in February, but the gains were concentrated in four sectors,” said Broomfield economist Gary Horvath in an email. “About 3,700 jobs were added in the government sector and food and accommodation services. About 1,800 were added in administrative services and other services. Growth was subpar or negative in other sectors.”
Public sector employment rose by 1,800 jobs in February, following a strong gain of 2,800 jobs in January. Leisure and hospitality added 1,500 jobs and other services added 900 jobs. On the downside, the information sector lost 100 jobs, while educational and health services lost 200 jobs.
The state’s unemployment rate ticked up to 2.9% from 2.8%, marking the 10th straight month unemployment has come in below 3%. The state’s rate remains significantly below the U.S. unemployment rate of 3.6% and Colorado had the 14th lowest rate of any state in February, Gedney said.
One reason unemployment rose last month was that 10,700 people joined the labor force, which outpaced the 6,200 jobs created. The count of unemployed people in the state rose by 2,200 to 92,700.
The state’s labor force participation rate, a measure of how many working-age adults are active in the labor force, rose to 68.3% from 68.1% in January and is inching closer to the pre-pandemic rate of 68.6% and remains much stronger than the U.S. rate of 62.5%.
Colorado’s rate of annual job growth, 1.6%, is lagging behind the U.S. growth rate of 2.9%. Gedney said it isn’t entirely clear why that is happening, but revisions to the fourth quarter job numbers, which are coming out in May, should provide some answers.
After a weak start to the year, hiring rebounded strongly in Colorado in February. But the number of people joining the labor force outpaced the number of jobs added, resulting in a slightly higher unemployment rate, according to a monthly update from the Colorado Department of Labor and Employment.
The state lost a revised 700 jobs in January, reversing the initially reported gain of 800 jobs and putting Colorado in a group of only four states to suffer a decline in nonfarm payroll jobs that month.
Those losses were likely caused by a colder and snowier start to the year, said Ryan Gedney, a senior economist with the CDLE on a press call Friday morning. Employers went back to hiring in February, adding an estimated 6,200 jobs, continuing a bouncing pattern seen across much of last year of alternating months of strong and weak hiring.
“It is great that employment increased by 6,200 in February, but the gains were concentrated in four sectors,” said Broomfield economist Gary Horvath in an email. “About 3,700 jobs were added in the government sector and food and accommodation services. About 1,800 were added in administrative services and other services. Growth was subpar or negative in other sectors.”
Public sector employment rose by 1,800 jobs in February, following a strong gain of 2,800 jobs in January. Leisure and hospitality added 1,500 jobs and other services added 900 jobs. On the downside, the information sector lost 100 jobs, while educational and health services lost 200 jobs.
The state’s unemployment rate ticked up to 2.9% from 2.8%, marking the 10th straight month unemployment has come in below 3%. The state’s rate remains significantly below the U.S. unemployment rate of 3.6% and Colorado had the 14th lowest rate of any state in February, Gedney said.
One reason unemployment rose last month was that 10,700 people joined the labor force, which outpaced the 6,200 jobs created. The count of unemployed people in the state rose by 2,200 to 92,700.
The state’s labor force participation rate, a measure of how many working-age adults are active in the labor force, rose to 68.3% from 68.1% in January and is inching closer to the pre-pandemic rate of 68.6% and remains much stronger than the U.S. rate of 62.5%.
Colorado’s rate of annual job growth, 1.6%, is lagging behind the U.S. growth rate of 2.9%. Gedney said it isn’t entirely clear why that is happening, but revisions to the fourth quarter job numbers, which are coming out in May, should provide some answers.
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