Unemployment in Northwest Colorado drops for August

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— Northwest Colorado's unemployment level for August 2013 was lower than the previous year, according to the Colorado Department of Labor and Employment.

The non-seasonally adjusted labor numbers for Routt County show an unemployment rate of 5.3 percent in August, one-tenth of a percentage point lower than July. In 2012, the rate was 6.9 percent for August.

In Moffat County, the non-seasonally adjusted labor numbers show an unemployment rate of 5.8 percent in August, down three-tenths of a percentage point from July. In 2012, the rate was 7.1 percent for August.

Overall, Colorado’s unemployment level dropped one-tenth of a percentage point from July to 7 percent for August, according to the Colorado Department of Labor and Employment.

In 2012, Colorado’s unemployment level for August was 8 percent.

A news release from the Colorado Department of Labor and Employment states that 5,300 people dropped out of the labor force during August, more than than the increase of 3,300 people who reported being out of work. The larger drop off of the labor force than increase in unemployment led to the net decrease in the unemployment rate.

The national unemployment rate is 7.3 percent.

During the course of the year, the release states, the number of people participating in Colorado’s labor force increased 24,800, total employment increased 50,200 and the number of unemployed decreased 25,300.

“Over the year, nonfarm payroll jobs increased 56,800,” the release states. “Private sector payroll jobs increased 51,800 and government increased 5,000. The largest private sector job gains were in professional and business services, leisure and hospitality, and construction. The largest over the year decline was in financial activities.”

To reach Michael Schrantz, call 970-871-4206, email mschrantz@SteamboatToday.com or follow him on Twitter @MLSchrantz

Comments

Scott Wedel 1 year, 3 months ago

The same dept reports that there were 14,162 jobs in August 2013 which is an increase of nearly 700 from August 2012.

I note that is an increase of nearly 5% more jobs from August 2012. Which tracks reasonably well with city sales taxes increased revenues.

I have not done a rigorous statistical analysis, but it is my observation that the raw employment number is the best economic indicator for the local economy. The jobless rate is too easily affected by people entering or leaving the workforce which is affected by people moving here or leaving. So we have had periods of significant local job growth and unemployment stayed the same because there was a similar increase in the workforce.

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