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%.
The sectors with the largest monthly growth were leisure and hospitality, with an increase of 3,700. Other services, increased by 1,900. Professional and business services, up 1,500. Trade, transportation, utilities, increased by 1,100. Education and medical services have lost 1,600 jobs and financial activities have lost 1,200.
Gedney said that leisure and hospitality employment was flat nationwide last month, and Colorado countered this trend, especially in the food service industry.
Over the past year, the state has added 117,400 jobs. This was driven by an increase of 47,100 in leisure and hospitality and 24,500 in professional and business services. Over the past year, the construction industry has cut 2,200 jobs and the manufacturing industry has cut 600 salary jobs. The state’s annual employment growth rate is 4.5%, slightly higher than the US’s 4.3%.
Next month’s report should provide early, but definitive insights into whether unemployed people who lost their federal unemployment allowance on September 4 were unemployed, remained unemployed, or dropped out of the workforce. .. We also need to emphasize how delta variants affect recruitment and business operations.
Job gains slow in Colorado as COVID-19 cases rise again Source link Job gains slow in Colorado as COVID-19 cases rise again