Mon August 18, 2014
Colorado's Unemployment Rate Down, Labor Force Increases
Colorado's economy is doing better.
Numbers released Monday show the state's unemployment rate fell to 5.3 percent in July. The last time it was this low was Oct. 2008.
The national unemployment rate for June was 6.2 percent.
In Colorado nonfarm payroll jobs increased 5,500. Private sector jobs increased 6,000 while government jobs decreased 500. The state has had 33 consecutive months of payroll job gains.
KVNF's Laura Palmisano spoke to Joe Winter, a senior economist with the Colorado Department of Labor and Employment, about the state's improving economy.
Winter said mining, construction, professional and business services, tourism, and health and education services sectors are showing growth, but information and financial sectors are lagging.
Governor John Hickenlooper issued a statement on the numbers Monday afternoon.
"Colorado’s unemployment rate is the lowest in almost six years and gives us a solid foundation to continue to build the state’s future," Hickenlooper said in a release. "While our economy continues to be recognized as the fastest growing in the nation, we know there is still much work to be done."