Colorado gained 11,200 jobs in July 2012 compared to July of 2011, and the non-seasonally-adjusted unemployment rate was flat year-over-year at 8.3 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 July, not seasonally adjusted, rose to 2.52 million jobs year over year. The labor force also increased by 10,800 from July 2011 to July 2012.
month-to-month comparisons, the (not-seasonally adjusted) unemployment rate fell from 8.4
percent during June 2011 to 8.3 percent during July. However, 14,300 jobs were lost month-over-month
while 18,200 people left the work force over the same period.
From July 2011 to July 2012, total employment rose 0.4 percent while the
labor force rose 0.4 percent. The total labor force in July included
2.74 million workers.
As can be seen in the second
graph, total employment and total workforce size have fallen,
month-over-month, after a series of ups and downs in recent months.
year, both employment and the labor force grew. Since employment and the labor force grew at about the same rate, the unemployment rate remained flat. What we see
overall is that both employment and labor force have been increasing in
recent months, when compared year over year, although those increases remain small and often under 1 percent growth.
employment total is now 114,000 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 22,000 workers.The jobs deficit has been cut almost in half since 2010, although the 114,000 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 19th 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.
The fact that total employment fell from June to July may be significant. Total employment has grown from June to July every year for the past seven years - except this year. This, coupled with a small annual growth rate and global economic issues, may signal a continued moderation in job growth.
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.