Colorado Employment Situation – November 2014

Nonfarm payroll jobs decreased 2,500 over the month from October to November to 2,457,300 jobs, according to the survey of business establishments. Private sector payroll jobs decreased 3,700 and government increased 1,200 over the month.

According to the survey of households, the unemployment rate decreased two tenths of a percentage point in November to 4.1 percent. The last time the Colorado unemployment rate was as low as 4.1 percent was January 2008.

The number of people participating in the labor force increased 1,600 over the month and the number of people reporting themselves as employed increased 8,200. The larger increase in total employment than in labor force caused the number of unemployed to decrease 6,600 and the unemployment rate to decline to 4.1 percent. The national unemployment rate was unchanged in November at 5.8 percent.

Over the year, the average workweek for all employees on private nonfarm payrolls decreased from 34.8 to 34.4 hours and average hourly earnings increased from $25.98 to $26.72.

The largest over the month private sector job gains were in trade, transportation and utilities, financial activities, mining and logging and information. The largest over the month declines were in leisure and hospitality, professional and business services and construction.

Over the year, nonfarm payroll jobs increased 54,400. Private sector payroll jobs increased 47,400 and government increased 7,000. The largest private sector job gains were in leisure and hospitality, education and health services, and construction. Financial activities, information and other services declined over the year.

Over the year, the unemployment rate declined two and two tenths of a percentage point from 6.3 percent in November 2013. The number of Coloradans participating in the labor force increased 57,100, total employment increased 117,200 and the number of unemployed decreased 60,100. The national unemployment rate declined from 7.0 percent in November 2013 to 5.8 percent in November 2014.

The unemployment percentages for southeast Colorado counties are as follows:

.                          Nov 2014             Unemp                 Oct 2014               Nov 2013             Unemp

Baca                       1.7                          47                           1.7                          3.7                          76
Bent                      3.8                          97                           4.0                         7.6                        149
Kiowa                   1.9                          22                           2.1                          3.8                          31
Kit Carson           2.3                         117                           2.3                         4.0                         162
Las Animas         4.8                        375                           4.6                         8.8                        652
Crowley               5.0                          83                            5.7                        9.6                          151
Otero                    5.3                        504                           4.6                        8.0                         705
Prowers               3.1                         218                            3.1                         5.3                         322