Colorado Department of Labor and Employment

19/07/2024 | Press release | Distributed by Public on 19/07/2024 14:27

Press Release: Colorado Employment Situation – June 2024

Household survey data

  • According to the survey of households, Colorado's seasonally adjusted unemployment rate was steady from May to June at 3.8 percent. The number of unemployed individuals grew by 800 over the same time period to 124,400. However, due to rounding, the unemployment rate was unchanged. The national unemployment rate increased one-tenth of a percentage point to 4.1 percent from May to June.
  • Colorado's labor force increased by 3,400 in June to 3,237,400. The share of Coloradans participating in the labor force was 67.9 percent in June, unchanged from the month prior. The U.S. labor force participation rate was 62.6 percent in June, rising one-tenth of a percentage point from the month prior.
  • The number of individuals employed in Colorado grew by 2,600 in June to 3,113,000, which represents 65.3 percent of the state's 16+ population. Colorado's employment-population ratio of 65.3 in June was equal to the month prior. The national employment-population ratio was also flat from May to June at 60.1 percent.

Establishment survey data

  • Employers in Colorado added 1,400 nonfarm payroll jobs from May to June for a total of 2,989,100 jobs, according to the survey of business establishments. Private sector payroll jobs grew by 600, while government added 800 jobs.
  • May estimates were revised down to 2,987,700, and the over the month change from April to May was a gain of 6,400 rather than the originally estimated increase of 9,800 (monthly revisions are based on additional responses from businesses and government agencies since the last published estimates).
  • The private industry sector with significant job gains in June was: other services (≈1,200). Significant over the month private sector job loss occurred in construction (≈1,100).
  • Since June 2023, nonfarm payroll jobs have increased 40,900, with the private sector growing by 19,800 and government adding 21,100 jobs. The largest private sector job gains were in educational and health services (≈12,500), professional and business services (≈8,000), and financial activities (≈4,200). During that same period, payroll jobs declined in trade, transportation, and utilities (≈6,000), construction (≈4,200), and information (≈3,000). Colorado's rate of job growth over the past year is 1.4 percent, below the U.S. rate of 1.7 percent.
  • Over the year, the average workweek for all Colorado employees on private nonfarm payrolls increased from 33.2 to 34.2 hours, while average hourly earnings grew from $35.18 to $37.98, nearly three dollars more than the national average hourly earnings of $35.00.

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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 July 2024 Colorado Employment Situation will be released at 8:00 AM on Friday, August 16, 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 June 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

June 2024 Press Release