Colorado’s unemployment rate held steady at 3 percent from December to January, keeping it below the national unemployment rate of 4.1 percent.
The number of nonfarm payroll jobs increased by 7,100 to 2,693,900 jobs while total employment increased by 4,000 to 2,942,000, according to the Colorado Department of Labor and Employment. Nonfarm job growth occurred in the private sector, which saw 7,300 more jobs, while government jobs dropped by 200.
Although total employment increased, the number of people actively participating in the labor force increased by more. The resulting gap caused the number of unemployed people to increase by 500. Due to rounding, though, the January unemployment rate remained unchanged from December, according to the labor department.
Although the total number of nonfarm payroll jobs continues to increase, the rate of growth is slowing, increasing 2.2 percent in 2017 compared to a recent high of 3.5 percent in 2014, according to data from the labor department.
From January 2017 to January 2018, the work week grew slightly to 33.2 hours from 33.1 hours and average hourly earnings increased to $28.24 from $27.42. The unemployment rate of 3 percent is up slightly from 2.8 percent last year. Comparatively, the national unemployment rate declined to 4.1 percent from 4.8 percent.