Colorado Employment Situation in December 2014

Nonfarm payroll jobs increased 4,700 over the month from November to December to 2,467,200 jobs, according to the survey of business establishments. Private sector payroll jobs increased 5,500 and government decreased 800 over the month.

According to the survey of households, the unemployment rate decreased one tenth of a percentage point in December to 4.0 percent. The last time the Colorado unemployment rate was as low as 4.0 percent was October 2007, just prior to the start of the so called Great Recession.

The number of people participating in the labor force increased 2,200 over the month to 2,808,900 and the number of people reporting themselves as employed increased 5,100 to 2,697,500. The larger increase in total employment than in labor force caused the number of unemployed to decrease 2,900 and the unemployment rate to decline to 4.0 percent. The national unemployment rate declined two tenths of a percentage point in December to 5.6 percent.

Over the year, the average workweek for all employees on private nonfarm payrolls decreased from 35.1 to 34.1 hours and average hourly earnings increased from $26.22 to $26.35.

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

Over the year, nonfarm payroll jobs increased 62,300. Private sector payroll jobs increased 55,800 and government increased 6,500. The largest private sector job gains were in leisure and hospitality, education and health services, and construction. Information and other services declined over the year.

Over the year, the unemployment rate declined two and two tenths of a percentage point from 6.2 percent in December 2013. The number of Coloradans participating in the labor force increased 60,300, total employment increased 119,400 and the number of unemployed decreased 59,100. The national unemployment rate declined from 6.7 percent in December 2013 to 5.6 percent in December 2014.

The following are unemployment percentages for counties in southeast Colorado:

.                           Dec 2014              Unemp                 Nov 2014             Dec 2013              Unemp

Baca                         1.5                          44                           1.7                          3.3                          68
Bent                        3.3                          90                           3.7                          6.9                        136
Kiowa                      1.8                          21                           2.0                          3.1                          26
Kit Carson              2.2                        115                           2.3                          3.6                        148
Las Animas            5.0                       374                           4.9                          9.0                       647
Crowley                  4.6                          74                           5.0                          9.5                       148
Otero                       5.5                       523                            5.3                          7.9                      685
Prowers                  2.9                       212                             3.1                          5.0                      303