Nonfarm Payroll Jobs Increase by 300 in December;
Unemployment Rate Increases to 4.4 Percent
Household survey data
- According to the survey of households, the number of unemployed individuals increased by 5,100 to 144,400 from November to December. Colorado’s seasonally adjusted unemployment rate increased one-tenth of a percentage point over the same time period to 4.4 percent. The national unemployment rate decreased one-tenth of a percentage point to 4.1 percent from November to December.
- Colorado’s labor force increased by 1,800 in December to 3,255,000. The share of Coloradans participating in the labor force was 67.9 percent in December, unchanged from the last seven months. The U.S. labor force participation rate remained unchanged at 62.5 percent in December.
- The number of individuals employed in Colorado decreased by 3,300 in December to 3,110,600, which represents 64.9 percent of the state’s 16+ population. Colorado’s employment-population ratio of 64.9 in December decreased one-tenth of a percentage point from the month prior. The national employment-population ratio increased two-tenths of a percentage point to 60.0 percent from November to December.
Establishment survey data
- November estimates were revised down to 3,009,700, and the over the month change from October to November was a decrease of 5,200 jobs rather than the originally estimated decrease of 3,900 (monthly revisions are based on additional responses from businesses and government agencies since the last published estimates).
- The private industry sector with significant over the month job gains in December was: professional and business services (≈1,300) and manufacturing (≈1,100). The private industry sectors with significant over the month job losses were: leisure and hospitality (≈1,300), and financial activities (≈1,200).
- Since December 2023, nonfarm payroll jobs have increased 48,600, with the private sector growing by 32,600 and government adding 16,000 jobs. The largest private sector job gains were in educational and health services (≈12,000), professional and business services (≈7,400), trade, transportation, and utilities (≈5,000), construction (≈4,400), and leisure and hospitality (≈3,600). During that same period, payroll jobs declined in information (≈3,800). Colorado’s rate of job growth over the past year is 1.6 percent, above the U.S. rate of 1.4 percent.
- Over the year, the average workweek for all Colorado employees on private nonfarm payrolls increased from 33.3 to 33.6 hours, while average hourly earnings grew from $36.94 to $39.63, three dollars and ninety-four cents more than the national average hourly earnings of $35.69.
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Informational Section
All Colorado estimates from the establishment and household surveys, including greater geographic detail, are available at Colorado LMI Gateway. Estimates for all states and the nation are available at the Bureau of Labor Statistics.
For data visualizations, visit CDLE’s Labor Market Information on Tableau.
Notice
Due to annual benchmarking, there is not an Employment Situation update released during the month of February. The January 2025 Colorado Employment Situation would typically be published in March after the Bureau of Labor Statistics (BLS) completes their annual benchmarking activities. However, on December 18, 2024, the BLS announced a decision to suppress Colorado data due to quality concerns associated with a modernization of Colorado’s UI system. Accordingly, CDLE will not publish a release of employment data in association with the BLS in March 2025. Programs impacted include:
- Quarterly Census of Employment & Wages (QCEW)
- Current Employment Statistics (CES)
- Local Area Unemployment Statistics (LAUS)
- Occupational Employment & Wage Statistics (OEWS)
The CDLE remains committed to producing high quality data and is working with the BLS to limit disruptions to all future releases. A schedule of release dates for calendar year 2025 employment estimates will be available at Labor Market Information after the BLS suppressions are lifted.
Technical Notes
This release provides information on industry employment and labor force statistics for December 2024, the most current estimates available from the Colorado Department of Labor and Employment. The reference period for the establishment survey was the pay period or week that includes the 12th of the month. While the household survey’s reference period typically covers the week that includes the 12th of the month, that shifted to the week that include the 5th of the month for December. For more information on these infrequent reference week shifts, go to the Bureau of Labor Statistics.
The unemployment rate, labor force, labor force participation, total employment, and the number of unemployed are based on a survey of households. The total employment estimate derived from this survey is intended to measure the number of people employed.
Nonfarm payroll jobs estimates are based on a survey of business establishments and government agencies, and are intended to measure the number of jobs, not the number of people employed. Other series based on this survey include private sector average weekly hours, average hourly earnings, and average weekly earnings.
The business establishment survey covers about seven times the number of households surveyed and is therefore considered a more reliable indicator of economic conditions. Because the estimates are based on two separate surveys, one measuring jobs by worksite and the other measuring persons employed and unemployed by household, estimates based on these surveys may provide seemingly conflicting results.
Resources Mentioned