Colorado's job landscape in May showed a modest increase in nonfarm payroll jobs, according to the latest data from the state's Department of Labor and Employment. In a press release issued yesterday, officials reported an addition of 3,400 jobs over the month. Despite this uptick in employment opportunities, the unemployment rate in Colorado held steady at 4.8 percent, mirroring the static national rate of 4.2 percent.
The household survey data revealed little movement in the workforce size, with a decrease of 700, bringing the total labor force to 3,282,800. To actively draw more individuals into the labor force is a challenge that persists, with Colorado's participation rate slightly dipping to 67.7 percent. Moreover, employed Coloradans saw only a minor drop of 600 to 3,124,100. Comparison with the national labor force participation rate, which saw a steeper decline of two-tenths of a percentage point to 62.4 percent, puts Colorado's figures in a broader context, according to the Colorado Department of Labor and Employment.
Peering into business establishments through the lens of the survey, private sector jobs in Colorado saw an injection of 3,700, although government roles did contract by 300. The revisions for April provided a more positive picture than previously painted, increasing the job gain estimate to 14,900 up from 8,400. The surge in job numbers over the month was felt most strongly in educational and health services, which saw roughly 2,400 new positions, while trade, transportation, and utilities experienced significant job losses, shedding approximately 1,200 roles.
Devoting a look back over the past year unfolds the story of a state's labor market that has grown by 22,200 nonfarm payroll jobs. Private sector growth took a slightly lower share at 10,200 jobs, while the government assumed a more substantial role, accounting for the addition of 12,000 positions. The private sector's largest ripples of job growth were observed in educational and health services, leisure and hospitality, and the information sector. However, despite these sectors' growth, an overall sluggish job growth rate of 0.7 percent has lagged behind the U.S. rate of 1.1 percent.
Colorado workers, on average, have not only witnessed their working week shrink from 33.4 to 33.0 hours over the year, but they also managed to earn more per hour, nearing an hourly rate of $39.00, up from $37.81. This increment puts Colorado's average hourly earnings significantly above the national average of $36.24.
