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Job gains slow in Colorado as COVID-19 cases rise again – Denver, Colorado

Denver, Colorado 2021-09-17 13:39:23 –

Colorado’s unemployment rate fell below 6% in August, according to a monthly update to the Colorado Department of Labor and Employment. This is the lowest level since the pandemic began in March last year, despite a significant slowdown in employment.

According to a household survey, the state’s seasonally adjusted unemployment rate fell from 6.1% in July to 5.9% in August. Colorado is tied with Texas and Maryland for the 35th lowest unemployment rate, which is higher than the US’s 5.2%.

The state’s workforce fell by 2,300 in August, but employers increased by 4,700. 64.2% of the population over the age of 16 is working or actively looking for a job. This is the 7th highest percentage in the country.

Colorado employers added 5,600 non-farm payrolls between July and August. This was about 45% of the 12,200 non-farm payrolls added between June and July. Initial estimates showed a monthly employment increase of 14,400 in July, but that number has declined, especially due to downward revisions in the retail industry.

“At this point, it’s unclear what’s causing the slowdown,” said Ryan Gedney, senior labor economist at the agency.

Cases of COVID-19 quadrupled nationwide between the week when employment was aggregated in July and the week in mid-August when the current count was made. However, supply problems still weigh heavily on some sectors, and employers in many industries face labor shortages, which can leave positions unfilled.

Bloomfield economist Gary Hovasse said the table landing was easier than it was earlier this summer and he noticed a slowdown in eating out. It’s important to note that in August, only 5,600 jobs were added, as Colorado employers added an average of 14,700 jobs a month in the first seven months of the year. But that pace has outpaced the average monthly employment increase of 5,000 people before the pandemic, he said.

“This is a function of the increase in COVID-19 cases. The number of hospitalizations and cases is similar to early January,” he said.

Of the employment added in August, 5,000 were in the private sector and the public sector added 600. Colorado has regained 293,400 of the 375,800 jobs lost between February and April last year, maintaining a recovery rate of 78.1%. Recovery rate of 76.2%.

Job gains slow in Colorado as COVID-19 cases rise again Source link Job gains slow in Colorado as COVID-19 cases rise again

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