Press Release: Colorado Employment Situation – April 2024

Household survey data

• According to the survey of households, Colorado's seasonally adjusted unemployment rate was flat from March to April at 3.7 percent. The number of unemployed individuals grew by 1,900 over the same time period to 120,100. The national unemployment rate increased one-tenth of a percentage point to 3.9 percent from March to April.
  
• Colorado's labor force increased by 1,500 in April to 3,236,800. The share of Coloradans participating in the labor force was unchanged in April at 68.0. The U.S. labor force participation rate was also unchanged in April at 62.7 percent.
  
• The number of individuals employed in Colorado declined by 400 in April to 3,116,700, which represents 65.4 percent of the state's 16+ population. Colorado's employment-population ratio of 65.4 in April was one-tenth of a percentage point lower compared to the March rate of 65.5 percent. The national employment-population ratio also declined one-tenth of a percentage point in April to 60.2 percent.

Establishment survey data

• Employers in Colorado added 300 nonfarm payroll jobs from March to April for a total of 2,981,100 jobs, according to the survey of business establishments. Private sector payroll jobs shed by 600, while government added 900 jobs.
  
• March estimates were revised down to 2,980,800, and the over the month change from February to March was a gain of 2,800 rather than the originally estimated increase of 5,300 (monthly revisions are based on additional responses from businesses and government agencies since the last published estimates).
  
• The Private industry sector with significant job gains in April was: educational and health services (≈4,600). Significant over the month private sector job loss occurred in professional and business services (≈3,100) and construction (≈1,700).
  
• Since April 2023, nonfarm payroll jobs have increased 51,800, with the private sector growing by 27,200 and government adding 24,600 jobs. The largest private sector job gains were in educational and health services (≈19,400), leisure and hospitality (≈7,600), and professional and business services (≈5,800). During that same period, payroll jobs declined in trade, transportation, and utilities (≈6,000), construction (≈4,300), and information (≈2,500). Colorado's rate of job growth over the past year is 1.8 percent, equal to the U.S. rate of 1.8 percent.
  
• Over the year, the average workweek for all Colorado employees on private nonfarm payrolls increased from 33.5 to 33.6 hours, while average hourly earnings grew from $35.72 to $38.00, three dollars and twenty-five cents more than the national average hourly earnings of $34.75.

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 May 2024 Colorado Employment Situation will be released at 8:00 AM on Monday, June 24, 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 April 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

April 2024 Press Release

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