10-County Area Still Seeing Lower Jobless Rate Year-To-Year
According to the latest Colorado Department of Labor and Employment data, Colorado saw a June unemployment rate of 4.4%, up from 4.3% in May. However, the state added 11,300 new jobs during the month. The metro Denver area saw a 4.3% unemployment rate in June, up from 4.1% in May. However, the unemployment rate is still below June 2014’s 4.9%. The Denver Business Journal notes that the 10-county area covered by metro Denver includes Lakewood and Denver counties, but, notably, not Boulder County, which saw a 3.8% unemployment rate in June. The 10-county Denver area saw June employment of 1,441,780, and unemployment at 64,652. The number included farm workers as well as those self-employed.
The metro Denver area’s June unemployment rate, and Colorado’s rate, signal the mixed employment picture nationwide for the month. The AP reports that new state-by-state data released by the Labor Department on Tuesday indicates that while unemployment rates fell in 21 states in June, they rose in 12 other states and remained stable in 17 states. Overall, the “figures point to widespread improvement in the nation’s job market” and there is “also evidence that the falling unemployment rates in many states could be boosting wage growth, according to an analyst note.”
What This Means For Small Businesses
Small business owners in metro Denver should see the latest jobs data as an indication that, despite a slight uptick in unemployment, the area’s economy is continuing to show positive signs of recovery. Positive economic growth will only lead to a more small business-friendly environment for the area’s entrepreneurs.
Additional Reading
NFIB previously noted Denver’s ranking as a top US metro area for job growth.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.
