Colorado Employment Situation – March 2022

5,800 Nonfarm Payroll Jobs Added in March; Unemployment Rate Falls to 3.7%

According to the survey of households, Colorado’s seasonally adjusted unemployment rate fell three-tenths of a percentage point in March to 3.7 percent. This marks the lowest rate since February 2020, when it was 2.8 percent. The national unemployment rate declined two-tenths of a percentage point in March to 3.6 percent.

Other highlights from the household survey:

Colorado’s labor force grew by 12,300 in March to 3,211,700. The share of Coloradans participating in the labor force improved to 68.9 percent last month, the highest rate since March 2020. The state continues to experience a faster rate of recovery in the participation rate than the U.S.

The number of individuals employed in Colorado increased by 21,300 in March to 3,093,500, which represents 66.4 percent of the state’s 16+ population. Colorado’s employment-to-population ratio has nearly returned to pre-pandemic levels.

The Colorado counties with the highest unemployment rates in March were: Huerfano (6.6%), Pueblo (5.7%), Fremont (5.2%), Las Animas (5.0%), and Rio Grande (5.0%). County-level unemployment rates are not seasonally adjusted and are directly comparable to Colorado’s March unadjusted rate of 3.5 percent.

Since March 2021, nonfarm payroll jobs have increased 131,200, with the private sector growing by 121,400 and government adding an additional 9,800 jobs. The largest private sector job gains were in leisure and hospitality (~51,700), professional and business services (~30,300), and trade, transportation, and utilities (~14,200). There were no significant private sector over the year declines. Colorado’s rate of job growth over the past year is 4.9 percent, compared to the U.S. rate of 4.5 percent.

Over the year, the average workweek for all Colorado employees on private nonfarm payrolls decreased from 33.0 to 32.9 hours, while average hourly earnings grew from $31.32 to $33.85, two dollars and twelve cents more than the national average hourly earnings of $31.73.