Experts:

November 19, 2024

Colorado Jobs and Labor Force Update – October 2024 Update

Employers in Colorado added 9,000 jobs in October. The private sector grew by 7,800 while government employment increased by 1,200. The U.S added just 12,000 jobs last month and Colorado’s 9,000 jobs added led the nation in job growth in October.

A few sectors in particular fueled the state’s growth. The state’s professional and businesses services sector was the largest contributor and added 2,800 jobs while the leisure and hospitality sector grew by 2,500 jobs. The construction sector added 200 jobs, marking the fourth consecutive month of growth for the sector.

Colorado’s unemployment rate moved upward to 4.1% in October, the first increase after holding steady for two months at 4.0%. The state’s unemployment rate has not been above 4.0% since December 2021 when it was 4.2%.

Colorado’s October unemployment rate is now tied with the U.S average. The national unemployment rate stayed at 4.1% between September and October. Meanwhile, Colorado’s labor force participation rate held steady at 67.9% for the sixth straight month.

Colorado’s manufacturing employment declined by 100 in October marking the fifth straight month of job losses for the sector. There was an upward revision of Colorado job growth for September of 1,100 jobs. September jobs increased from 12,700 to 13,800.

Key Findings—Colorado October 2024 Employment Data

The U.S saw an increase of just 12,000 jobs in October. Colorado employers added 9,000 jobs, leading the nation in job growth.

Colorado’s total employment increased by 9,000 in October. Private-sector employment grew by 7,800 while government employment increased by 1,200.

Colorado’s unemployment rate increased to 4.1% in October. The state’s unemployment rate has not declined since August of 2022 when it fell from 2.7% to 2.6%.

Colorado’s construction sector added 200 jobs over the last month. After September revisions, the construction sector gained 3,100 jobs in September instead of the 2,000 reported in preliminary findings.

According to the BLS survey of establishments (CES), Colorado’s employment-to-population ratio has exceeded its pre-pandemic level since January 2023.

According to the BLS survey of households (LAUS), which captures both traditional jobs and self-employment, Colorado has never recovered to its pre-pandemic employment-to-population ratio.

A Deeper Dive into Colorado Industries (BLS CES Survey)

Employers added 9,000 jobs in October. The private sector added 7,800.

The trade, transportation, and utilities sector gained 1,100 jobs while the manufacturing sector lost 100.
The leisure and hospitality industry added 2,500 jobs in the month of October.
Employment in Colorado’s education and health services sector did not add any new jobs during the month of October.
The state’s construction sector added 200 jobs last month.

The pandemic caused a major shock to the composition of Colorado’s job market in early 2020 and may have induced some structural changes in the long run.

The state’s construction sector has increased by 3.39% since the start of 2020.

Since January 2020, employment in the mining and logging sector has fallen by 14.6%, totaling a reduction of 3,900 jobs. This is likely the result of a combination of global trends and state policy.

Colorado Labor Force Update

Colorado’s LFPR (labor force participation rate) remained at 67.9% in October for the sixth straight month. Nationally, LFPR decreased by 0.1 to 62.6% from September to October breaking the three-month streak it held at 62.7%.

Key Findings—Colorado October ‘24 Labor Force Data (IPUMS/FRED)

The LFPR held steady at 67.9%, which is .9 percentage points below January ’20’s LFPR of 68.8%. Colorado’s LFPR has now stayed at 67.9% for the past 6 months.

The unemployment rate increased to 4.1% in October.

The national LFPR among 25–54-year-olds surpassed its pre-pandemic level by .4 percentage points to 83.5%.

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