12,700 Nonfarm Payroll Jobs Added in September;
Unemployment Rate Remains at 4.0 Percent
Household survey data
- According to the survey of households, the number of unemployed individuals grew by 2,300 to 130,800 from August to September. However, due to rounding, Colorado’s seasonally adjusted unemployment rate was unchanged over the same time period at 4.0 percent. The national unemployment rate decreased one-tenth of a percentage point to 4.1 percent from August to September.According to the survey of households, the number of unemployed individuals grew by 2,300 to 130,800 from August to September. However, due to rounding, Colorado’s seasonally adjusted unemployment rate was unchanged over the same time period at 4.0 percent. The national unemployment rate decreased one-tenth of a percentage point to 4.1 percent from August to September.
- Colorado’s labor force increased by 2,200 in August to 3,249,200. The share of Coloradans participating in the labor force was 67.9 percent in September, unchanged from the last four months. The U.S. labor force participation rate was 62.7 percent in September, unchanged from the two prior months.
- The number of individuals employed in Colorado decreased by 100 in September to 3,118,400, which represents 65.2 percent of the state’s 16+ population. Colorado’s employment-population ratio of 65.2 in September decreased one-tenth of a percentage point from the month prior. The national employment-population ratio increased two-tenths of a percentage point from August to September at 60.2 percent.
Establishment survey data
- Employers in Colorado added 12,700 nonfarm payroll jobs from August to September for a total of 3,009,700 jobs, according to the survey of business establishments. Private sector payroll jobs grew by 11,300, while government grew by 1,400 jobs.
- August estimates were revised down to 2,997,000, and the over the month change from July to August was a gain of 7,000 rather than the originally estimated increase of 7,400 (monthly revisions are based on additional responses from businesses and government agencies since the last published estimates).
- The private industry sectors with significant job gains in September were: educational and health services (≈3,200), leisure and hospitality (≈2,500), trade, transportation, and utilities (≈2,100), construction (≈2,000), and professional and business services (≈1,800). There were no private industry sectors with significant over the month job losses.
- Since September 2023, nonfarm payroll jobs have increased 47,100, with the private sector growing by 28,300 and government adding 18,800 jobs. The largest private sector job gains were in educational and health services (≈11,900), leisure and hospitality (≈7,400), financial activities (≈5,800), and other services (≈4,500). During that same period, payroll jobs declined in information (≈4,100), and manufacturing (≈1,300). Colorado’s rate of job growth over the past year is 1.6 percent, equal to the U.S. rate of 1.6 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 $36.00 to $38.64, three dollars and twenty-eight cents more than the national average hourly earnings of $35.36.
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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.
The October 2024 Colorado Employment Situation will be released at 8:00 AM on Monday, November 18, 2024. The full schedule of release dates for calendar year 2024 estimates is available at Labor Market Information.
Technical Notes
This release provides information on industry employment and labor force statistics for September 2024, 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.
Resources Mentioned