August 2014 Colorado Employment Situation
Nonfarm payroll jobs decreased 700 over the month from July to August to 2,447,400 jobs, according to the survey of business establishments. Private sector payroll jobs decreased 700 and government was unchanged over the month.
According to the survey of households, the unemployment rate decreased two tenths of a percentage point in July to 5.1 percent. The last time the Colorado unemployment rate was as low as 5.1 percent was September 2008.
The number of people participating in the labor force decreased 3,700 over the month and the number of people reporting themselves as employed increased 2,200. The increase in total employment and the decrease in labor force caused the number of unemployed to decrease 5,900 and the unemployment rate to decline to 5.1 percent. The national unemployment rate decreased one tenth of a percentage point in August to 6.1 percent.
Over the year, the average workweek for all employees on private nonfarm payrolls decreased from 34.9 to 34.6 hours and average hourly earnings increased from $25.51 to $26.02.
The largest over the month private sector job gains were in manufacturing and leisure and hospitality. The largest over the month declines were in professional and business services and construction.
Over the year, nonfarm payroll jobs increased 54,400. Private sector payroll jobs increased 49,400 and government increased 5,000. The largest private sector job gains were in education and health services, leisure and hospitality, and professional and business services. Financial activities and information declined over the year.
Over the year, the unemployment rate declined one and seven tenths of a percentage point from 6.8 percent in August 2013. The number of Coloradans participating in the labor force increased 48,800, total employment increased 92,100 and the number of unemployed decreased 43,300. The national unemployment rate declined from 7.2 percent in August 2013 to 6.1 percent in August 2014.
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 September 2014 Colorado Employment Situation will be released on Tuesday, October 21, 2014. 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.
For Immediate Release
Date: September 19, 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