For Immediate Release

Date:                April 18, 2008/ 9:00 A.M.

Contact:            Office of Government and Public Relations

Phone:              (303) 318-8004

Fax:                  (303) 318-8070

 Web:               http://lmigateway.coworkforce.com/lmigateway/

COLORADO LABOR FORCE DEVELOPMENTS

FOR MARCH 2008

Labor Force[i]

The seasonally adjusted jobless rate in Colorado was unchanged at 4.4 percent in March, according to Donald J. Mares, Executive Director of the Colorado Department of Labor and Employment.  “Although job growth has slowed over the past several months, Colorado’s economic performance continues to outpace the nation,” noted Mares.  The current jobless rate is the highest since 4.5 percent was registered in May 2006.  Last March the rate stood at 3.7 percent. 

Total employment and unemployment both increased slightly in March.  The number of employed Colorado residents, adjusted for normal labor force movements, rose 8,600 over the month to 2,645,500.  Last March an estimated 2,582,900 Coloradans were working. Unemployment inched up 500 to 121,500 during the month, an increase of 23,200 from the same period last year.

Local area labor market conditions were mixed across the State in March.  Twenty-two counties reported higher unemployment rates, 21 posted lower rates, and twenty-one counties showed no change over the month.  The lowest rates were concentrated in the winter recreation areas – Pitkin, San Miguel, and Routt counties all saw jobless rates of 2.6 percent or less.  San Juan and Costilla counties posted the highest rates at 10.0 and 8.7 percent, respectively.    

Wage and Salary Employment[ii]

According to the monthly survey of Colorado business establishments, total nonfarm employment increased 17,600 to 2,344,800 in March.  The advance was better than usual for the month with nine of the State’s eleven major industry groups adding workers.  Great ski conditions, combined with warm and dry weather along the Front Range enabled leisure and hospitality employment to grow by 3,900.  Construction, buoyed by continued strength in non-residential construction and favorable weather, added 3,600 positions. Professional and business services gained 3,700 jobs and government added 3,100. Trade, transportation and utilities gained 2,000 jobs.  Other services, along with education and health services experienced increases of 700 apiece. Natural resources and mining payrolls continued to expand, rising by 500, while financial activities inched up 300.    

Over the year, nonfarm wage and salary employment has grown by 38,500 or 1.7 percent.  This growth was primarily concentrated in the state’s five largest industries, led by the addition of 9,100 positions in government and 8,200 in professional and business services.  Trade, transportation and utilities followed with 8,100 jobs, education and health services added 7,900, and leisure and hospitality payrolls gained 7,700.  With an increase of 3,400, natural resources and mining, the State’s smallest sector, posted the fastest rate of growth at 14.2 percent.  Other services, a diverse collection of miscellaneous businesses, added 1,800 positions since last March.

Manufacturing pared 3,400 jobs and financial activities shed 2,400 positions in the past twelve months.  Construction payrolls have fallen 1,900 since last March.

National[iii]

The Bureau of Labor Statistics reported the nation’s unemployment rate rose three-tenths of one percentage point to 5.1 percent.  Nonfarm payrolls fell 80,000 in March and have declined by 232,000 over the past three months.  In March, job losses occurred in construction, down 51,000; manufacturing, off 48,000; and employment services, down 42,000.  Employment in health care, food services, and mining remained on an upward trend.