17,700 Nonfarm Payroll Jobs Added in October:
Unemployment Rate Rises to 3.6%
Household survey data
According to the survey of households, Colorado’s seasonally adjusted unemployment rate increased two-tenths of a percentage point in October to 3.6 percent. The number of unemployed individuals rose by 6,800 over the same time period to 116,400. Colorado’s unemployment rate has ranged between 3.3 and 3.6 percent since April. The national unemployment rate also moved up by two-tenths of a percentage point to 3.7 percent, which translates to approximately 6.1 million unemployed.
Colorado’s labor force increased by 1,900 in October to 3,256,900. The share of Coloradans participating in the labor force has remained steady at 69.4 percent for two consecutive months. The U.S. labor force participation rate was 62.2 percent in October, dropping one-tenth of a percentage point from the month prior.
The number of individuals employed in Colorado declined by 5,000 in October to 3,140,400, which represents 66.9 percent of the state’s 16+ population. The rate of 66.9 percent is almost two percentage points higher than a year ago and four-tenths of a percentage point higher than it was in February 2020. The national employment- to-population ratio was 60.0 percent in October and remains below its February 2020 level of 61.2 percent.
Establishment survey data
Employers in Colorado added 17,700 nonfarm payroll jobs from September to October for a total of 2,900,800 jobs, according to the survey of business establishments. Private sector payroll jobs increased 15,400 and government added 2,300 jobs. Over the past 30 months, Colorado has added 455,700 nonfarm payroll jobs, compared to losses totaling 374,500 in March and April 2020. That translates to a job recovery rate of 121.7 percent, which exceeds the U.S. rate of 103.7 percent.
Since May 2020, Colorado’s private sector has grown by 449,500 jobs, compared to declines of 358,800 in early 2020. That translates to a job recovery rate of 125.3 percent and outpaces the U.S. rate of 106.3 percent.
Other highlights from the establishment survey:
September estimates were revised up to 2,883,100, and the over the month change from August to September was a gain of 5,900 rather than the originally estimated increase of 5,600 (monthly revisions are based on additional responses from businesses and government agencies since the last published estimates).
Private industry sectors with significant job gains in October were: professional and business services (~5,900), construction (~2,600), trade, transportation, and utilities (~2,000), educational and health services (~1,400), manufacturing (~1,300), and other services (~1,100). There were no industries with significant over the month declines.
Since October 2021, nonfarm payroll jobs have increased 116,200, with the private sector growing by 104,800 and government adding 11,400 jobs. The largest private sector job gains were in professional and business services (~35,300), leisure and hospitality (~17,100), and educational and health services (~13,600). During that same period financial activities (~1,400) payroll jobs declined. Colorado’s rate of job growth over the past year is 4.2 percent, outpacing the U.S. rate of 3.6 percent.
Over the year, the average workweek for all Colorado employees on private nonfarm payrolls increased from 33.4 to 33.8 hours, while average hourly earnings grew from $32.69 to $35.27, two dollars and sixty-nine cents more than the national average hourly earnings of $32.58.
All Colorado estimates from the establishment and household surveys, including greater geographic detail, are available at: www.colmigateway.com. Estimates for all states and the nation are available at: www.bls.gov.
For data visualizations, visit public.tableau.com/app/profile/cdle.lmi.
The November 2022 Colorado Employment Situation will be released at 8:00 AM on Friday, December 16, 2022. The full schedule of release dates for calendar year 2022 estimates is available at www.colmigateway.com.
This release provides information on industry employment and labor force statistics for October 2022, the most current estimates available from the Colorado Department of Labor and Employment. The reference period for the establishment and household surveys was the pay period or week that includes the 12th of the month.
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.