Colorado gained 34,494 jobs in June 2012 compared to June of 2011, and the non-seasonally-adjusted unemployment rate fell year-over-year from 8.5 percent to 8.4 percent. According to the most recent employment data, collected through the Household Survey and released today by the Colorado Department of Labor and Employment and the BLS, total employment in June, not seasonally adjusted, rose to 2.53 million jobs. The labor force also increased by 32,681 from June 2011 to June 2012.
month-to-month comparisons, the (not-seasonally adjusted) unemployment rate rose from 8.2
percent during May 2012 to 8.4 percent during June. 26,200 jobs were added month-over-month
while 34,200 people joined the work force over the same period.
From June 2011 to June 2012, total employment rose 1.3 percent while the
labor force rose 1.2 percent. The total labor force in June included
2.76 million workers.
As can be seen in the second
graph, total employment and total workforce size have risen,
month-over-month, after a series of ups and downs in recent months. Year over
year, both employment and the labor force grew. Since employment grew more than the labor force, the unemployment rate fell. What we see overall is that both employment and labor force have been increasing in recent months, and that total labor force is now almost back to its 2008 peak.
employment total is now 100,000 jobs below the peak levels experienced
during July 2008 when there were 2.63 million employed workers. Compared
to the labor force peak in July 2008, the labor force is now down by only 3,700 workers.The jobs deficit has been cut in half since late 2010, although the 100,000 below the peak does not include the jobs needed for all the new entrants into the workforce since 2008. Under normal conditions, the labor force would grow by 25,000 per year. This is a conservative estimate. So, in the four years since mid-2008, the labor force would have grown by an additional 100,000. This means that to truly bring the unemployment rate down to 5-6%, the state needs to add 200,000 new jobs.
the third graph is shown the
year-over-year comparisons, by percent, for total employment. June
2012 was the 18th month in a row showing a positive year-over-year
change in total employment. The 18 months of
increases followed 28
months in a row of negative job growth in year-over-year comparisons.
graph also shows the year-over-change in the labor force. Total labor
force size rose from June 2011 to June 2012 and follows 1 month of
year-over-year decline in the labor force that occurred during April 2012. The labor
size had shrunk, year over year,
for 18 months in a row from July 2009 to December 2010.
Overall this report shows that growth continues, albeit at a tepid rate. The labor force growth signals that discouraged workers are beginning to rejoin the labor market, and this growth in the labor force will continue to prevent solid drops in the unemployment rate itself.
numbers come from the Household Survey employment data, so the size of
the workforce is dependent on the number of people stating that they are
actively looking for work if not employed. Discouraged workers who have
stopped looking for work are excluded. On the other hand, the Household
Survey picks up on small business and start-up employment that may be
missed by the Establishment Survey, the other commonly-used measure of
Note: This analysis reflects newly revised
data released in January. In most cases, total employment was revised
upward for the months of 2011.