PRESS RELEASE

Colorado Department of Labor and Employment • 633 17^th Street, Suite 600 • Denver, CO 80202 • (303) 318-8852 • Fax: (303) 318-8870

For Immediate Release

Date: November 20, 2007/ 9:00 A.M.

Contact: Office of Government and Public Relations

Phone: (303) 318-8004

Fax: (303) 318-8070

Web: http://www.coworkforce.com/lmi/

COLORADO LABOR FORCE DEVELOPMENTS

FOR OCTOBER 2007

Labor Force[i]

Colorado labor market conditions showed improvement in October as the seasonally adjusted unemployment rate trended down two-tenths of one percentage point to 3.7 percent, according to Donald J. Mares, Executive Director of the Colorado Department of Labor and Employment. “Despite signs of a weakening national economy, Colorado’s job market continues to exhibit modest but steady gains,” stated Mares. Over the past twelve months the jobless rate has ranged from 3.5 to 4.2 percent. Last October the jobless rate stood at 4.2 percent.

After adjusting for normal seasonal labor force movements, the estimated count of working Coloradans rose 15,600 to a record 2,617,400. Twelve months ago total resident employment numbered 2,564,600. The number of people unsuccessfully seeking work declined 5,400 this month to 101,400. Unemployment has fallen 10,900 since last October.

Unseasonably warm weather throughout much of the State contributed to tighter local job markets during October. Of Colorado’s sixty-four counties, 54 posted lower unemployment rates during the month, two remained the same, and eight saw increases. At 5.9 percent, Crowley was the only county with a rate above 5 percent. Rio Blanco County posted the lowest rate at 1.7 percent.

Wage and Salary Employment[ii]

The monthly survey of Colorado business establishments showed that nonfarm wage and salary employment was little changed in October. Payrolls inched down 100 to 2,341,600 as seven of the State’s major industry sectors added workers, two reduced staffing levels and two remained unchanged. Overall changes were fairly typical for the month as 7,300 jobs added in government nearly offset the 7,400 positions pared in the private sector. Seasonal industries accounted for most of this decline with leisure and hospitality and construction payrolls falling by 10,500 and 1,600, respectively.

The educational sectors of government accounted for most of the advance in the public sector with local government education rising by 5,400 positions and state government adding 2,900 jobs. Hiring of seasonal staff in retail pushed employment in trade, transportation and utilities up 2,100 and gains in educational services accounted for about half of the 1,800 new jobs in education and health services. Natural resources and mining payrolls rose 400 and other services edged up 200. Coming on the heels of sizable declines in September, employment in both financial activities and professional and business services remained unchanged.

Since last October, nonagricultural employment has risen by 47,200 or 2.1 percent. Professional and business services, up 13,900 over the year, continues to be the mainstay of the State’s expansion. Education and health services realized 9,700 new jobs in the past twelve months while trade, transportation and utilities saw a 7,700 position increase. Leisure and hospitality added 7,200 net hires and was followed by payroll growth of 6,100 in government and 2,300 in other services. Natural resources and mining added 4,200 positions and its 19 percent increase over the last year easily outpaced all other sectors. Information, along with financial activities saw employment increases of about 1,000 each. Manufacturing pared 4,400 positions and construction shed 1,600 in the past twelve months.

National[iii]

The Bureau of Labor Statistics reported that the nation’s unemployment rate remained unchanged at 4.7 percent. Nonfarm payroll employment rose 166,000, a stark improvement from the 94,000 average monthly increase in the third quarter. This month most new jobs came in professional and business services, up 65,000. Leisure and hospitality gained 56,000 positions while education and health services added 43,000.