Colorado Employment Situation – May 2014

Nonfarm payroll jobs increased 9,100 over the month from April to May to 2,443,800 jobs, according to the survey of business establishments. Private sector payroll jobs increased 8,700 and government increased 400. Colorado has had 31 consecutive months of payroll job gains.

According to the survey of households, the unemployment rate decreased two tenths of a percentage point in May to 5.8 percent. The last time the Colorado unemployment rate was 5.8 percent or lower was November 2008 when the rate was 5.7 percent.

The number of people participating in the labor force increased 3,100 over the month and the number of people reporting themselves as employed increased 7,500. The larger increase in total employment than in the labor force caused the number of unemployed to decrease 4,300 and the unemployment rate to decline to 5.8 percent.

The national unemployment rate was unchanged in May at 6.3 percent.  Over the year, the average workweek for all employees on private nonfarm payrolls decreased from 34.6 to 34.1 hours and average hourly earnings increased from $25.47 to $26.28.

The largest over the month private sector job gains were in construction, professional and business services, and leisure and hospitality. There were no significant over the month declines.  Over the year, nonfarm payroll jobs increased 70,500. Private sector payroll jobs increased 65,000 and government increased 5,500. The largest private sector job gains were in professional and business services, leisure and hospitality, and education and health services. Information was the only sector to decline over the year.

Over the year, the unemployment rate declined one and one tenth of a percentage point from 6.9 percent in May 2013. The number of Coloradans participating in the labor force increased 46,900, total employment increased 73,900 and the number of unemployed decreased 27,000. The national unemployment rate declined from 7.5 percent in May 2013 to 6.3 percent in May 2014.

The unemployment percentages for southeast Colorado counties are as follows:

May 2014             Unemp                 Apr 2013              May 2013             Unemp

Baca                      2.7                          61                           2.7                          3.3                           81
Bent                      5.6                          123                         6.0                          6.9                          161
Kiowa                   3.3                          30                           3.4                          3.2                            31
Kit Carson           3.4                          160                         3.5                          3.8                          174
Las Animas         6.8                          545                         7.5                          9.2                          725
Crowley               7.6                          122                          7.5                          7.9                           125
Otero                    7.4                          668                         7.7                          8.7                           785
Prowers               4.6                          297                         4.8                          5.1                            347