Press Release: Colorado Employment Situation – March 2024

5,300 Nonfarm Payroll Jobs Added in March;
Unemployment Rate Rises to 3.7 Percent

Household survey data

• According to the survey of households, Colorado's seasonally adjusted unemployment rate increased two-tenths of a percentage point in March to 3.7 percent compared to the February rate of 3.5 percent. The number of unemployed individuals grew by 3,700 over the same time period to 118,200. The national unemployment rate decreased one-tenth of a percentage point to 3.8 percent from February to March.
  
• Colorado's labor force decreased by 300 in March to 3,235,300. The share of Coloradans participating in the labor force declined one-tenth of a percentage point to 68.0 percent in March, compared to the month prior. The U.S. labor force participation rate was 62.7 percent in March, growing two-tenths of a percentage point from the month prior.
  
• The number of individuals employed in Colorado declined by 4,000 in March to 3,117,100, which represents 65.5 percent of the state's 16+ population. Colorado's employment-population ratio of 65.5 in March was one-tenth of a percentage point lower compared to the February rate of 65.6 percent. The national employment-population ratio increased two-tenths of a percentage point in March to 60.3 percent.

Establishment survey data

• Employers in Colorado added 5,300 nonfarm payroll jobs from February to March for a total of 2,983,300 jobs, according to the survey of business establishments. Private sector payroll jobs grew by 2,700, while government added 2,600 jobs.
  
• February estimates were revised up to 2,978,000, and the over the month change from January to February was a gain of 10,700 rather than the originally estimated increase of 8,500 (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 March was: professional and business services (≈2,100). Significant over the month private sector job loss occurred in construction (≈1,500).
  
• Since March 2023, nonfarm payroll jobs have increased 61,200, with the private sector growing by 33,500 and government adding 27,700 jobs. The largest private sector job gains were in educational and health services (≈17,400), professional and business services (≈11,100), and leisure and hospitality (≈6,900). During that same period, payroll jobs declined in trade, transportation, and utilities (≈3,700), construction (≈2,400), and information (≈2,100). Colorado's rate of job growth over the past year is 2.1 percent, outpacing the U.S. rate of 1.9 percent.
  
• Over the year, the average workweek for all Colorado employees on private nonfarm payrolls decreased from 33.1 to 32.7 hours, while average hourly earnings grew from $35.14 to $37.77, over three dollars more than the national average hourly earnings of $34.69.

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 April 2024 Colorado Employment Situation will be released at 8:00 AM on Friday, May 17, 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 March 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

March 2024 Press Release

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