Department of Labor: May unemployment rate drops to 6.2% | New

According to a Colorado Department of Labor and Employment household survey, seasonally adjusted data for Colorado unemployment rate fell two tenths of a percentage point in May to 6.2 percent. During the same period, the national unemployment rate fell by three tenths of a percentage point to 5.8%, according to a press release issued by the CDLE.

Other highlights from the household survey:

  • from Colorado Workforce increased from 1,300 in May to 3,198,100. The share of Coloradans participating in the labor force was 68.6% in May, just below the pre-pandemic activity rate of February 2020 of 68.7%.

  • the number of people employed in Colorado increased from 7,200 in May to 3 million, representing 64.4% of the state’s population aged 16 and over. While Colorado’s employment-to-population ratio has continued to improve since April 2020, when it was 57%, it is still well below the pre-pandemic level of 66.8%.

  • the Colorado counties with the highest unemployment rates in May were:
    San Miguel (11.4%), Pitkin (8.5%), Huerfano (8%), Pueblo (8%), Gilpin (6.9%) and Summit (6.9%). El Paso County’s unemployment rate, according to the CDLE, is 5.8 percent. County-level unemployment rates are not seasonally adjusted and are directly comparable to the state’s unadjusted 5.7 percent rate in May.

Data from the establishment survey

Colorado employers added 17,100 non-agricultural wage jobs from April to May for a total of 2,708,400 jobs, according to the survey of commercial establishments. Salaried jobs in the private sector increased by 16,300 and the government added 800 jobs. In the past 13 months, Colorado has recovered 265,200 of the 375,800 non-farm wage jobs lost between February and April of last year. This results in a job recovery rate 70.6%, which exceeds the US rate of 65.9%, “the statement said.

Other highlights from the establishment survey:

  • Sectors of private industry with significant job gains in May were: leisure and hospitality (~ 14,400), commerce, transport and utilities (~ 3,300), and professional and business services (~ 2,600). During the month, there were significant job losses in the private sector in other services (~ 1,800).

  • Since May 2020, non-farm wage employment increased by 188,600, with the private sector increasing by 183,600 and the government adding 5,000 more jobs, the CDLE reported, adding that the biggest job gains in the private sector were in the leisure and hospitality (~ 93,900), commerce, transport and public services (~ 43,900), and education and health services (~ 20,100). Over the same period, wage employment in construction (~ 4,200), mining and logging (~ 2,000), and information (~ 1,900) declined. Colorado’s job growth rate over the past year is 7.5 percent, compared to the US rate of 8.9 percent, the CDLE reported.

  • During the year, the average working week for all Colorado employees on private non-farm payrolls rose from 33.5 to 33.9 hours, while average hourly earnings rose from $ 31.42 to $ 31.79, or nearly 1.50 $ more than national average hourly earnings of $ 30.33.

About Yvonne Lozier

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