Below is the most recent economic press release issued by the Colorado Department of Labor and Employment. For more information about state economic statistics, click here for Labor Market Information.
Colorado Department of Labor and Employment • 633 17th Street, Suite 1200 • Denver, CO 80202 • (303) 318-8004 • Fax: (303) 318-8070
For Immediate Release
Date: January, 2014/ 8:00 A.M.
Contact: Office of Government and Public Relations
Phone: Bill Thoennes at (303) 318-8004 or Cher Haavind at (303) 318-8003
Fax: (303) 318-8070
Nonfarm payroll jobs increased 2,200 over the month from November to December to 2,379,700 jobs, according to the survey of business establishments. Private sector payroll jobs increased 2,400 and government decreased 200.
According to the survey of households, the unemployment rate decreased three tenths of a percentage point in December to 6.2 percent. This is the lowest unemployment rate since reaching 6.1 percent in December 2008.
The number of people participating in the labor force decreased 5,400 over the month and the number of people reporting themselves as employed increased 2,600. The decline in the labor force and increase in total employment caused the number of unemployed to decrease 8,100 and the unemployment rate to decrease to 6.2 percent. The national unemployment rate also decreased three tenths of a percentage point to 6.7 percent.
Over the year, the average workweek for all employees on private nonfarm payrolls decreased from 35.4 to 35.2 hours and average hourly earnings increased from $25.18 to $26.16.
The largest over the month private sector job gains were in leisure and hospitality and professional and business services. There were no significant over the month declines.
Over the year, nonfarm payroll jobs increased 43,900. Private sector payroll jobs increased 35,900 and government increased 8,000. The largest private sector job gains were in professional and business services, education and health services, and construction. Financial activities and information declined.
Over the year, the unemployment rate declined one and three tenths of one percentage point from 7.5 percent in December 2012. The number of Coloradans participating in the labor force decreased 11,400, total employment increased 26,100 and the number of unemployed decreased 37,500. The national unemployment rate declined from 7.9 percent in December 2012 to 6.7 percent in December 2013.
All Colorado estimates from the establishment and household surveys, including greater geographic detail, are available at: http://www.colmigateway.com. Estimates for all states and the nation are available at: http://www.bls.gov.
The January 2014 Colorado Employment Situation will be released on Monday, March 17, 2014. Revised statewide estimates for 2013 and 2012 and some updated local information will also be released. The full schedule of release dates for calendar year 2014 estimates is available at http://www.colmigateway.com.
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 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.
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.