Colorado's unemployment rate increased in October, but not by much. The unemployment rate increased to 2.7 percent, up just 2 tenths of a percent. That still leaves Colorado with the third lowest rate in the country, behind Hawaii and North Dakota.
The state labor department says unemployment went up because more people entered the workforce — 10,000 in October — but about 6,000 actually secured jobs. The construction, leisure and hospitality sectors saw the biggest increases.
Nationally, the number of Americans filing applications for unemployment benefits edged up again last week to a still-low 249,000. Meanwhile, the overall number of people collecting unemployment benefits fell to a near 44-year low, further evidence that Americans enjoy job security.
Applications for jobless aid rose by a seasonally adjusted 10,000 last week after a similar increase in the previous week, the Labor Department reported Thursday.
Applications for unemployment benefits are a proxy for layoffs. The level of unemployment benefits has been below 300,000 for more than two years, a stretch not equaled in more than four decades.