State maintains unemployment rate at 3.3%

Colorado maintained its 3.3% unemployment rate for November, neither increasing or decreasing from October, according to the Colorado Department of Labor and Employment’s monthly update.

The CDLE draws its monthly data from two surveys: a survey of households and a survey of employers. The unemployment rate number is drawn from the survey of households. The number of unemployed individuals grew by 1,900 over the same time period to 107,900. The national unemployment rate decreased two-tenths of a percentage point to 3.7% from October to November, the CDLE reported.

The unemployment rate for Larimer and Boulder counties was 2.8% in November. Broomfield had a 3.2% unemployment rate, and Weld County matched the state rate at 3.3%.

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Colorado’s labor force rose by 2,700 in November to 3,249,700. The share of Coloradans participating in the labor force was unchanged at 68.4% in November, compared to the month prior. The U.S. labor force participation rate was 62.8% in November, growing one-tenth of a percentage point from the month prior.

The number of individuals employed in Colorado increased by 800 in November to 3,141,900, which represents 66.2% of the state’s population older than 16. The national employment-population ratio climbed three-tenths of a percentage point to 60.5% in November, compared to the October rate of 60.2%.

The CDLE’s employer survey showed that employers shed 700 nonfarm jobs from October to November to a total of 2.9 million jobs. Private sector jobs decreased by 2,100 but government employers added 1,400 jobs.

The previously reported October estimates were revised down to 2.9 million jobs, the CDLE said.

Jobs were added in November in the “other services” category — about 900. Manufacturing lost about 1,600 jobs and the trade, transportation and utilities sector lost about 1,500 jobs.

Over the past year, since November 2022, nonfarm payroll jobs increased 31,100; the private sector grew by 11,700 and government added 19,400 jobs. Leisure and hospitality added the most jobs over the past year with about 16,800 additions. Also increasing were professional and business services, 9,200 jobs, and educational and health services, 6,300 jobs. 

Showing declines over the past year were the transportation and utilities sector with a decline of 8,600 jobs, financial activities losing 8,300 jobs, construction down 4,400 jobs, and information sector down 1,900 jobs. 

Overall, the job growth rate in Colorado was at 1.1%, lagging behind the 1.8% U.S. rate.

Colorado workers are working longer each week, with the 12-month average rising from 33.1 hours to 33.5 hours per week, the CDLE reported. Average hourly earnings grew from $35.35 per hour to $36.93. The national average hourly wage was $34.10 over the past year.