Colorado unemployment rate hits 2-year high but remains ‘historically low’

DENVER — Colorado’s seasonally adjusted unemployment rate grew from 3.4% in January to 3.5% last month while the national rate increased two-tenths of a percentage point to 3.9% during that period, according to newly released figures from the Colorado Department of Labor and Employment.

“For both the state and the nation, those represent the highest unemployment rates in two years,” CLDE senior economist Ryan Gedney said during a call with reporters Friday. “That said, those rates are still historically low. For example, going back to 1976, Colorado’s unemployment rate has been higher than 3.5% about 78% of the time.”

In Boulder County, the not-seasonally adjusted jobless rate rose from 3.4% in January to 3.6% in February. Broomfield County’s rates over that span were 3.6% and 3.9%, respectively. Larimer County’s rate rose from 3.4% to 3.7%, and Weld County’s grew from 4% to 4.3%.

Over the past 12 months, Colorado has added 60,300 jobs with sectors such as educational and health services, professional and business services and leisure and hospitality exhibition particularly strong growth, according to a CDLE report. 

“Over the year, the average workweek for all Colorado employees on private nonfarm payrolls was unchanged at 33.0 hours, while average hourly earnings grew from $35.27 to $37.19, $2.62 more than the national average hourly earnings of $34.57,” the report said.

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