Tuesday, July 26, 2011

Among the states, Colorado posts 23rd highest unemployment rate

According to the BLS press release:

Regional and state unemployment rates were little changed in June. Twenty-eight states and the District of Columbia registered unemployment rate increases, 8 states recorded rate decreases, and 14 states had no rate change, the U.S. Bureau of Labor Statistics reported today. Thirty-nine states posted unemployment rate decreases from a year earlier, eight states and the Dishttp://www.blogger.com/img/blank.giftrict of Columbia reported increases, and three states had no change. The national jobless rate was little changed at 9.2 percent, but was 0.3 percentage point lower than a year earlier.

22 states reported unemployment rates that were higher than Colorado's, including California, Nevada, Florida, Michigan and Washington State.

Colorado's unemployment rate has moved below the national rate for the third month in a row following a three month period(January-March 2011) during which Colorado's unemployment rate was higher than the nation's. Prior to January 2011, the unemployment rate in Colorado had been below the national rate for several years.

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

The unemployment rate in Colorado fell slightly from May to June, falling to 8.5 from 8.7 percent, according to the seasonally-adjusted numbers. The national rate rose slightly from 9.1 percent to 9.2 percent during the same period.

The BLS map below shows state by state comparisons.

Within the Rocky Mountain region, Colorado has the third highest unemployment rate:
Arizona, 9.3%
Colorado, 8.5%
Idaho, 9.4%
Montana, 7.5%
New Mexico, 6.8%
Utah, 7.4%
Wyoming, 5.9%

With Colorado's unemployment rate below the national rate, Colorado may continue to be seen as a desirable location for job seekers. This may in turn impact overall household formation in Colorado and the demand for housing.

Colorado remains in the middle of the pack when it comes to statewide unemployment rates. At the regional level, however, Colorado contains some metro areas that have unemployment rate well below the national rate, such as the Boulder area and the Fort Collins area.