Friday, July 20, 2012

Colo. unemployment rate now even with national rate

The Bureau of Labor Statistics today released employment information on all states for June 2012.The seasonally-adjusted unemployment rate for Colorado during June was 8.2 percent.

According to the BLS press release:

Twenty-eight states and the District of Columbia reported statistically significant unemployment rate decreases from June 2011, the largest of which occurred in Nevada (-2.2 percentage points), Florida (-2.1 points), and Michigan and Mississippi (-2.0 points each). New York experienced the only statistically significant over-the-year increase in its unemployment rate (+0.7 percentage point).
Colorado was one of the states that reported decreases in the unemployment rate, year over year. The seasonally-adjusted unemployment rate in Colorado fell from 8.4 percent during June 2011 to 8.2 percent during June 2012.

Colorado's unemployment ranking has worsened somewhat compared to other states. Last December, for example, Colorado had the 25th-best unemployment rate, but has since fallen to 34th-best.  In other words, only 15 states have unemployment rates higher than Colorado's.

Ending a multi-year trend, Colorado no longer had an unemployment rate below the national rate during June. Both the US and Colorado had an unemployment rate of 8.2 percent during June.

The graph shows a comparison between the two rates since 2006:

The unemployment rate in Colorado, seasonally adjusted, rose to 8.2 percent during June from May's rate of 8.1 percent.  The rate had been flat at 7.8 percent for January, February and March of this year. The national rate was flat at 8.2 percent from May to June.

See here for metro area unemployment info in Colorado.

Over time, if the unemployment rate moves above the national rate, that could affect worker perceptions of the job market in Colorado an impact demographic trends.