Friday, November 22, 2013

Establishment Survey: Colorado Employment Holds Steady in October

Historically, payroll employment tends to be flat during the third quarter, and we've seen that this year with total employment changing little from July to October. According to the Establishment Survey, released today by the BLS and the Colorado Dept. of Labor and Employment,  total nonfarm employment was at 2.37 million during October, which was similar to what we've seen since June. The first graph shows month-to-month totals.

 Total employment was up year over year, however, and in the second graph we see that for much of this year, year-over-year employment growth has exceeded 2 percent. This is well below what was seen during the dot-com boom, but compares well to the expansion of 2003-2007.  The percentage increase, however, has been slowly declining in recent months as job growth moderates. Employment grew 1.9 percent from October 2012 to October 2013.
 The Third graph shows a similar comparison, except this time, we're looking at totals payroll jobs instead of percentage change. In other words, the next graph shows us that the 1.9 percent year over year increase reflects a gain of 45,000 payroll jobs from October 2012 to October 2013. As with the percentage change, these gains have been moderating in recent months as well. There were 2.33 million jobs in October 2012 and 2.37 million in October 2013.

The last graph shows each month compared to the same month in previous years. In this case, we see that October 2013's payroll jobs were at an all-time high, and were above even the peak years of 2007 and 2008. October employment has been up each October form the previous October since 2008.