Colorado can no longer boast the lowest jobless rate in the country, that honor now belongs to North Dakota, with a 2.2 percent unemployment rate. Colorado now comes in second, with an unemployment rate of 2.4 percent, still well lower than the national unemployment rate of 4.3 percent, according to the Denver Post.
That small uptick in the jobless rate doesn’t mean more jobs aren’t being created or that people can’t find jobs. The report from the Colorado Department of Labor and Employment showed 13,000 more people were active in the labor force from June to July 2017, and 3,600 non-farm jobs were created.
Three key industries showcased strong hiring trends, according to the Denver Post, with construction adding 1,900 jobs, the financial sector adding 1,700, and information industries adding 1,100.
With such a tight labor pool, employers are increasing hours and earnings to try and attract the best employees. The report found that the average workweek increased .6 hours to 34.4 hours, while the average hourly pay rate increased to $27.72 an hour. For the whole year, Colorado has added 43,400 jobs, with the vast majority in the private sector.
