Tuesday, August 21, 2012

Colorado unemployment rate continues to track with national rate

The Bureau of Labor Statistics today released employment information on all states for July 2012.The seasonally-adjusted unemployment rate for Colorado during July was 8.3 percent.

According to the BLS press release:
Seventeen states and the District of Columbia reported statistically significant unemployment rate decreases from July 2011, the largest of which occurred in Florida, Mississippi, and Nevada (-1.8 percentage points each). New York experienced the only statistically significant over-the-year increase in its unemployment rate (+0.9 percentage point).
Colorado was not one of the states that reported decreases in the unemployment rate, year over year. The seasonally-adjusted unemployment rate in Colorado was flat at 8.3 percent comparing July 2011 to  July 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 31st-best. Broadly speaking, however, Colorado can still be said to be in the middle of the pack as far as the unemployment rate is concerned.

Both the US and Colorado had an unemployment rate of 8.3 percent during July. Both 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 8.3 percent during July from June's rate of 8.2 percent.  The rate had been flat at 7.8 percent for January, February and March of this year.

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, however, the short term trend points toward Colorado as a relatively attractive market for the time being.