Colorado’s unemployment rate dipped to 4.7 percent in June as economic data mostly holds steady amid uncertainty over federal cuts and President Donald Trump’s trade war.
It was a slight decrease – down from 4.8 percent the prior month, according to Colorado’s labor department. It’s higher than the U.S. rate of 4.1 percent, a trend that has persisted for many months.
In terms of jobs, which are counted from a different survey of businesses, the state lost 1,500 jobs in June. At the same time, May estimates were revised down. It turns out Colorado lost 2,400 jobs instead of gaining 3,400 jobs as originally reported.
It’s difficult to draw too many conclusions from one month of data because estimates are typically revised as more information comes in. But looking back at the past year, Colorado has added 10,600 jobs, labor department data show. That equates to a job growth rate of 0.4 percent, compared to the U.S. rate of 1.1 percent.
A vast majority of Colorado jobs added since last June were government jobs — including workers at the local and state level. The private sector accounted for just 600 new jobs over the past 12 months.
Colorado’s economy started sputtering last year. Economists point to numerous reasons for the lag, including slowing population growth and anemic hiring in the technology sector.
| This story is part of a collection tracking the impacts of President Donald Trump’s second administration on the lives of everyday Coloradans. Since taking office, Trump has overhauled nearly every aspect of the federal government; journalists from CPR News, KRCC and Denverite are staying on top of what that means for you. Read more here. |
