Colorado Employment Situation – January 2020

Employers in Colorado added 1,300 nonfarm payroll jobs from December to January for a total of 2,814,800 jobs, according to the survey of business establishments. Private sector payroll jobs increased 900 and government increased 400.

According to the survey of households, the unemployment rate was unchanged from December to January at 2.5 percent. The number of people actively participating in the labor force increased 6,300 to 3,180,800 and total employment increased 7,200 to 3,101,300, causing the number of unemployed to decrease 900. Due to rounding, the unemployment rate was unchanged from December at 2.5 percent. The national unemployment rate increased one-tenth of a percentage point in January to 3.6 percent.

Over the year, the average workweek for all employees on private nonfarm payrolls increased from 32.7 to 33.0 hours and average hourly earnings increased from $30.10 to $30.70.

The largest over the month private sector job gains were in professional and business services and construction. Trade, transportation, and utilities and educational and health services declined over the month.

Over the year, nonfarm payroll jobs increased 53,900 with an increase of 44,300 in the private sector and an increase of 9,600 in government. The largest private sector job gains were in professional and business services, educational and health services, and construction. Mining and logging declined over the year.

The annual growth rate of Colorado nonfarm payroll jobs was 2.1 percent in 2019, revised up from the previously published 1.9 percent. Colorado annual job growth has exceeded 2.0 percent the past eight years, the longest such streak since nine consecutive years from 1992 to 2000. The U.S. annual payroll jobs growth rate in 2019 was 1.4 percent.

Over the year, the unemployment rate is down seven-tenths of a percentage point from 3.2 percent. The number of Coloradans participating in the labor force increased 62,800, total employment increased 82,000 and the number of unemployed decreased 19,300. The national unemployment rate declined from 4.0 percent in January 2019 to 3.6 percent in January 2020.

The annual unemployment rate for Colorado was 2.8 percent in 2019, revised down from the previously published 3.0 percent. The U.S. unemployment rate in 2019 was 3.7 percent.

Here are the unemployment percentages for counties in southeast Colorado: