Press Release: Colorado Employment Situation – October 2024

Household survey data

• According to the survey of households, the number of unemployed individuals grew by 3,900 to 134,700 from September to October. Colorado's seasonally adjusted unemployment rate increased one-tenth of a percentage point over the same time period to 4.1 percent. The national unemployment rate remained unchanged at 4.1 percent from September to October.
  
• Colorado's labor force increased by 4,300 in October to 3,253,600. The share of Coloradans participating in the labor force was 67.9 percent in October, unchanged since May 2024. The U.S. labor force participation rate decreased one-tenth of a percentage point in October to 62.6 percent.
  
• The number of individuals employed in Colorado increased by 400 in October to 3,118,900, which represents 65.1 percent of the state's 16+ population. Colorado's employment-population ratio of 65.1 in October decreased one-tenth of a percentage point from the month prior. The national employment-population ratio decreased two-tenths of a percentage point from September to October at 60.0 percent.

Establishment survey data

• Employers in Colorado added 9,000 nonfarm payroll jobs from September to October for a total of 3,019,800 jobs, according to the survey of business establishments. Private sector payroll jobs grew by 7,800, while government grew by 1,200 jobs.
  
• September estimates were revised up to 3,010,800, and the over the month change from August to September increased by 1,100 to 13,800, rather than the originally estimated increase of 12,700 (monthly revisions are based on the additional responses received from businesses and government agencies since the last published estimates).
  
• The private industry sectors with significant job gains in October were: professional and business services (≈2,800), leisure and hospitality (≈2,500), and trade, transportation, and utilities (≈1,100). There were no private industry sectors with significant over the month job losses.
  
• Since October 2023, nonfarm payroll jobs have increased 59,500, with the private sector growing by 40,000 and government adding 19,500 jobs. The largest private sector job gains were in educational and health services (≈11,400), leisure and hospitality (≈7,000), professional and business services (≈6,400), other services(≈6,200), and financial activities (≈5,400). During that same period, payroll jobs declined in information (≈3,800), and manufacturing (≈1,400). Colorado's rate of job growth over the past year is 2.0 percent, above the U.S. rate of 1.4 percent.
  
• Over the year, the average workweek for all Colorado employees on private nonfarm payrolls decreased from 34.0 to 33.3 hours, while average hourly earnings grew from $36.42 to $38.30, two dollars and eighty-four cents more than the national average hourly earnings of $35.46.

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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 November 2024 Colorado Employment Situation will be released at 8:00 AM on Friday, December 20, 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 October 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

October 2024 Press Release

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