Friday, August 20, 2010

Colorado adds jobs in July, unemployment rate stable

Colorado added 14,882 jobs in July, and the unemployment rate fell slightly to 8.0 from June's rate of 8.2 percent. According to the most recent employment data released by the Colorado Department of Labor and Employment, total employment in July, not seasonally adjusted, rose to 2,465,190 jobs.

More than 11,600 people joined the work force during the month, marking the first time since April 2010 that more jobs were added than there were new workers in the labor force.

From July 2009 to July 2010, total employment fell 1.8 percent, contracting by 45,000 jobs, while the labor force shrank 1.9 percent, shedding more than 52,000 workers. The total labor force in July included 2,680,934 workers during July of this year as compared to 2,733,143,000 during July of last year.

Employment totals are still more than 155,000 below the peak levels experienced during July 2008, when there were 2,621,081 employed workers. Since the peak of the labor market in July 2008, the labor force is still down by more than 75,000.

Among Colorado metropolitan areas, Pueblo showed the highest unemployment rate at 9.8 percent, while the Boulder-Longmont and Fort Collins-Loveland areas showed the lowest rates as 6.4 percent and 6.6 percent, respectively.

All metropolitan areas in Colorado, except Greeley and the Denver-Aurora area, experienced job declines from June to July, and all metro areas lost jobs from July 2009 to July 2010.

Unemployment rates in all metro areas for July 2010 were Boulder-Longmont, 6.4 percent; Denver-Aurora, 8.1 percent; Greeley, 9.3 percent; Fort Collins-Loveland, 6.6 percent; Grand Junction, 9.5 percent; Pueblo, 9.8 percent.

Earlier this week, the U.S. Department of Labor reported that new jobless claims rose the highest level since November 2009.

The national jobless rate, seasonally adjusted, remains at 9.5 percent.