November 2024 Employment Data from Colorado Dept. of Labor

Household survey data

• According to the survey of households, the number of unemployed individuals grew by 4,600 to 139,300 from October to November. Colorado’s seasonally adjusted unemployment rate increased two-tenths of a percentage point over the same time period to 4.3 percent. The national unemployment rate increased one-tenth of a percentage point to 4.2 percent from October to November.
• Colorado’s labor force declined by 300 in November to 3,253,300. The share of Coloradans participating in the labor force was 67.9 percent in November, unchanged from the last six months. The U.S. labor force participation rate decreased one-tenth of a percentage point to 62.5 percent in November.
• The number of individuals employed in Colorado decreased by 4,900 in November to 3,114,000, which represents 65.0 percent of the state’s 16+ population. Colorado’s employment-population ratio of 65.0 in November decreased one-tenth of a percentage point from the month prior. The national employment-population ratio decreased two-tenths of a percentage point to 59.8 percent from October to November.

Establishment survey data

• Employers in Colorado lost 3,900 nonfarm payroll jobs from October to November for a total of 3,011,000 jobs, according to the survey of business establishments. Private sector payroll jobs decreased by 5,500, while government added 1,600 jobs.
• October estimates were revised down to 3,014,900, and the over the month change from September to October was a gain of 4,100 rather than the originally estimated increase of 9,000 (monthly revisions are based on additional responses from businesses and government agencies since the last published estimates).
• The private industry sector with significant over the month job gains in November was education and health services (≈1,100). The private industry sectors with significant over the month job losses were: professional and business services (≈3,500), and trade, transportation, and utilities (≈2,300).
• Since November 2023, nonfarm payroll jobs have increased 52,900, with the private sector growing by 35,100 and government adding 17,800 jobs. The largest private sector job gains were in educational and health services (≈12,300), leisure and hospitality (≈7,000), construction (≈6,200), financial activities (≈4,100), and trade, transportation, and utilities (≈3,400). During that same period, payroll jobs declined in information (≈3,500) and manufacturing (≈500). Colorado’s rate of job growth over the past year is 1.8 percent, above the U.S. rate of 1.4 percent.
• Over the year, the average workweek for all Colorado employees on private nonfarm payrolls decreased from 33.3 to 32.8 hours, while average hourly earnings grew from$36.82 to $39.20, three dollars and fifty-nine cents more than the national average hourly earnings of $35.61.

• Technical Notes
• This release provides information on industry employment and labor force statistics for November 2024, the most current estimates available from the Colorado Department of Labor and Employment. The reference period for the establishment survey was the pay period or week that includes the 12th of the month. While the reference period for the household survey is typically during the week that includes the 12th of the month, in November 2024 it was the week that includes the 5th of the month (i.e. November 3rd – 9th). For more information on these infrequent reference week shifts, go to the Bureau of Labor Statistics.
• The unemployment rate, labor force, labor force participation, total employment, and the number of unemployed are based on a survey of households. The total employment estimate derived from this survey is intended to measure the number of people employed.
• Nonfarm payroll jobs estimates are based on a survey of business establishments and government agencies, and are intended to measure the number of jobs, not the number of people employed. Other series based on this survey include private sector average weekly hours, average hourly earnings, and average weekly earnings.
• The business establishment survey covers about seven times the number of households surveyed and is therefore considered a more reliable indicator of economic conditions. Because the estimates are based on two separate surveys, one measuring jobs by worksite and the other measuring persons employed and unemployed by household, estimates based on these surveys may provide seemingly conflicting results.

#    #    #