Colorado Department of Labor and Employment
09/20/2024 | Press release | Distributed by Public on 09/20/2024 08:21
Press Release: Colorado Employment Situation – August 2024
Household survey data
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According to the survey of households, Colorado's seasonally adjusted unemployment rate increased one-tenth of a percentage point in August to 4.0 percent. The last time the unemployment rate for Colorado reached 4.0% was in January 2022. The number of unemployed individuals grew by 2,200 over the same time period to 128,500. The national unemployment rate decreased one-tenth of a percentage point to 4.2 percent from July to August.
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Colorado's labor force increased by 4,100 in August to 3,247,000. The share of Coloradans participating in the labor force was 67.9 percent in August, unchanged over the last three months. The U.S. labor force participation rate was 62.7 percent in August, unchanged from the month prior.
- The number of individuals employed in Colorado grew by 2,000 in August to 3,118,600, which represents 65.3 percent of the state's 16+ population. Colorado's employment-population ratio of 65.3 in August was equal to the three months prior. The national employment-population ratio was unchanged from July to August at 60.0 percent.
Establishment survey data
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Employers in Colorado added 7,400 nonfarm payroll jobs from July to August for a total of 2,997,400 jobs, according to the survey of business establishments. Private sector payroll jobs grew by 7,700, while government lost 300 jobs.
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July estimates were revised down to 2,990,000, and the over the month change from June to July was a gain of 800 rather than the originally estimated increase of 4,800 (monthly revisions are based on additional responses from businesses and government agencies since the last published estimates).
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The private industry sectors with significant job gains in August were: professional and business services (≈2,900), educational and health services (≈2,800), and construction (≈1,300). There were no private industry sectors with significant over the month job losses.
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Since August 2023, nonfarm payroll jobs have increased 41,900, with the private sector growing by 23,200 and government adding 18,700 jobs. The largest private sector job gains were in educational and health services (≈11,100), professional and business services (≈5,400), leisure and hospitality (≈5,300), and financial activities (≈5,300). During that same period, payroll jobs declined in information (≈2,800), and construction (≈2,400). Colorado's rate of job growth over the past year is 1.4 percent, slightly below the U.S. rate of 1.5 percent.
- Over the year, the average workweek for all Colorado employees on private nonfarm payrolls was unchanged at 33.3 hours, while average hourly earnings grew from $35.76 to $37.80, two dollars and fifty-nine cents more than the national average hourly earnings of $35.21.
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Informational Section
All Colorado estimates from the establishment and household surveys, including greater geographic detail, are available at Colorado LMI Gateway. Estimates for all states and the nation are available at the Bureau of Labor Statistics.
For data visualizations, visit CDLE's Labor Market Information on Tableau.
The September 2024 Colorado Employment Situation will be released at 8:00 AM on Friday, October 18, 2024. The full schedule of release dates for calendar year 2024 estimates is available at Labor Market Information.
Technical Notes
This release provides information on industry employment and labor force statistics for August 2024, the most current estimates available from the Colorado Department of Labor and Employment. The reference period for the establishment and household surveys was the pay period or week that includes the 12th of the month.
The unemployment rate, labor force, labor force participation, total employment, and the number of unemployed are based on a survey of households. The total employment estimate derived from this survey is intended to measure the number of people employed.
Nonfarm payroll jobs estimates are based on a survey of business establishments and government agencies, and are intended to measure the number of jobs, not the number of people employed. Other series based on this survey include private sector average weekly hours, average hourly earnings, and average weekly earnings.
The business establishment survey covers about seven times the number of households surveyed and is therefore considered a more reliable indicator of economic conditions. Because the estimates are based on two separate surveys, one measuring jobs by worksite and the other measuring persons employed and unemployed by household, estimates based on these surveys may provide seemingly conflicting results.
Resources Mentioned