CO Employment UPDATE

Employers in Colorado added 13,000 nonfarm payroll jobs from September to October for a total of 2,533,100 jobs, according to the survey of business establishments. Private sector payroll jobs increased 13,400 and government decreased 400.

According to the survey of households, the unemployment rate decreased two-tenths of a percentage point in October to 3.8 percent. The number of people actively participating in the labor force increased 2,700 to 2,807,600 and total employment increased 8,300 to 2,701,800 causing the number of unemployed to decrease 5,600 and the unemployment rate to decline to 3.8%. The national unemployment rate decreased one-tenth of one percentage point from September to October to 5.0 percent.

Over the year, the average workweek for all employees on private nonfarm payrolls decreased from 34.5 to 34.0 hours and average hourly earnings increased from $26.34 to $27.11.

The largest over the month private sector job gains were in professional and business services, construction, and financial activities. The largest over the month declines were in information, and education and health services.

Over the year, nonfarm payroll jobs increased 51,900 with an increase of 44,100 in the private sector and an increase of 7,800 in government. The largest private sector job gains were in education and health services, leisure and hospitality, and construction. Information and mining declined over the year.

Over the year, the unemployment rate is down six-tenths of a percentage point from 4.4 percent and is at its lowest level since August 2007. The number of Coloradans participating in the labor force decreased 14,800, total employment increased 3,500 and the number of unemployed decreased 18,400. The national unemployment rate declined from 5.7 to 5.0 percent from October 2014 to October 2015.