August unemployment down statewide

DENVER – Colorado’s seasonally adjusted unemployment rate fell one half of 1 percentage point to 7.3 percent in August, according to figures released Friday by the Colorado Department of Labor and Employment. The statewide unemployment rate was 7.8 percent in July, and 4.9 percent in August 2008.

Larimer County’s August unemployment rate was 6.2 percent, down from July’s 6.6 percent but up from last year’s 4.5 percent. In Weld County, unemployment was 8.3 percent in August, down from 8.7 percent in July but up from 5.4 percent in August 2008.

In fact, the unemployment rate (not seasonally adjusted) declined in 62 of Colorado’s 64 counties from July to August. August’s lowest rate was 2.3 percent in Cheyenne County while the highest was 13.4 percent in Dolores County. In August 2008 the lowest rate was 2.3 percent in Yuma County and the highest was 10.5 percent in Saguache County.

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“This improvement is encouraging news for the state,´ said Donald Mares, executive director of the Department of Labor and Employment, in releasing the data. “Although we will likely experience some ups and downs over the next several months, employment appears to be stabilizing.”

The new figures also showed that the number of working Coloradans grew 4,900 over the month to 2.48 million, out of a civilian labor force of 2.68 million. The number of residents unsuccessfully seeking work fell 13,100 to 196,900. Last August total employment was 2.5 million, the civilian labor force was 2.73 million and the number of unemployed was 134,100.

According to the U.S. Bureau of Labor Statistics, the nation’s unemployment rate was 9.7 percent and nonfarm payroll employment decreased by 216,000 in August, the smallest decline in the past year.