Colorado Employment Situation-January 2014

Colorado Employment Situation-January 2014 

Employers in Colorado added 7,300 nonfarm payroll jobs from December to January for a total of 2,412,200 jobs, according to the survey of business establishments. Private sector payroll jobs increased 7,600 and government decreased 300. 

According to the survey of households, the unemployment rate decreased one-tenth of a percentage point to 6.1 percent. The number of people actively participating in the labor force increased 5,900 to 2,754,600 and total employment increased 8,000 to 2,586,100 causing the number of unemployed to decline 2,000. The national unemployment rate decreased one-tenth of one percentage point over the same period to 6.6 percent. 

The largest over the month private sector job gains were in leisure and hospitality, construction, and education and health services. Other services declined by 1,100 jobs. 

Over the year, nonfarm payroll jobs increased 63,200 with an increase of 59,400 in the private sector and an increase of 3,800 in government. The largest private sector job gains were in professional and business services, leisure and hospitality, and education and health services. There were no significant over the year losses. 

Over the year, the unemployment rate is down one and one-tenth of a percentage point from 7.2 percent in January 2013. The number of Coloradans participating in the labor force decreased 2,000, total employment increased 28,300 and the number of unemployed decreased 30,300. The national unemployment rate declined from 7.9 to 6.6 percent from January 2013 to January 2014. 

In 2013 the Colorado labor force peaked at 2,758,400 in April, which is also a series peak, and declined steadily through December to 2,749,600, down 8,800. The labor force increased in January by 5,900 returning to within 2,900 of the 2013 peak. 

Total employment, which reached a series peak of 2,611,300 in March 2008, climbed to an annual peak of 2,578,100 in December 2013. Total employment increased 8,000 from December to January to 2,586,100, which is 25,200 below the series peak. 

The number of unemployed Coloradans reached a series peak of 246,700 in October 2010. The number of unemployed has declined steadily over 2013 to reach 170,600 in December 2013. In January the number of unemployed declined further by 2,000 to 168,500. (The numbers do not add due to rounding.) The last time the number of unemployed was at this level or lower was December 2008 when there were an estimated 167,500 unemployed. 

The Colorado unemployment rate peaked at 9.1 percent in October 2010 and has declined almost without interruption since. The last time the unemployment rate was as low as 6.1 percent was December 2008. The 2013 annual average Colorado unemployment rate remains unchanged by the annual revision process and is 6.8 percent.  

The annual growth rate of Colorado nonfarm payroll jobs was 3.0 percent in 2013 revised up from 2.4 percent. The U.S. annual payroll jobs growth rate in 2013 was 1.7 percent. 

The following are unemployment percentages for southeast Colorado Counties.  The highest unemployment percentages in the state are located in Costilla County at 14% followed by Huerfano at 11.7% and Saguache at 11.5%. 

                                Jan 2014               Unemp                 Dec 2013              Jan 2013               Unemp 

Baca                       3.3                          71                           3.3                          3.7                          80
Bent                      7.0                          148                         6.9                          8.6                          179
Kiowa                   3.5                          31                           3.1                          5.0                          44
Kit Carson           4.1                          173                         3.6                          4.8                          206
Las Animas         9.3                          721                         9.0                          11.5                        913
Crowley               10.6                        169                         9.5                          9.4                          143
Otero                    8.4                          749                         7.9                          10.1                        887
Prowers               5.5                          344                         5.0                          7.0                          438