Colorado’s Unemployment Rate Is The 5th-Lowest In The US

December 20, 2019

The state’s unemployment rate remained 2.6 percent in November — its lowest since July 2017. That's the same figure as October.

The Colorado Department of Labor and Employment released the figures Friday.

Nearly 70 percent of Coloradans work in the state. That's the fourth-highest nationally. Employers added 4,100 nonfarm payroll jobs from October to November. Within that figure, private sector jobs made up 3,100 of those jobs and government made up the remainder. 

Greeley and Colorado Springs have the fastest job growth rates at 3 percent while the metro areas of Grand Junction and Pueblo have the lowest hovering at only 1 percent growth.

“The labor force continues to grow at a modest rate, having added 5,600 individuals over the month and nearly 41,000 since November 2018,” said Ryan Gedney, a senior economist with the state. 

The largest employment gains over the month include education and health services. The largest decline was in leisure and hospitality.

Over the past year, the unemployment rate went down one percentage point from 3.6 percent within the last year. The state has added 57,100 payroll jobs in that time. Economists say Colorado is tied for the 5th-lowest unemployment rate in the U.S.

Also, professional business services stood out as the strongest sector in terms of industry growth, adding 21,400 jobs over the past year. Trailing right behind is education and health services adding 12,400 jobs. 

The mining and logging industries experienced job loss for the first time in the state since March 2017 with a decrease of 400 jobs.