UNEMPLOYMENT RATE UNCHANGED IN COLORADO AT 2.9%
Colorado’s unemployment rate in February stayed at dot-com-boom lows as the state added a modest number of jobs, according to a report Friday from the Colorado Department of Labor and Employment.
Employers increased their payrolls by 2,000 nonfarm jobs from January to February, with the private sector adding 4,900 jobs and government dropping 2,900 jobs. Total payroll employment rose to 2,631,500 jobs, according to a survey of employers.
At 2.9 percent, the unemployment rate remained unchanged month over month due to rounding. The last time unemployment was lower was in February 2001, at 2.8 percent, said Ryan Gedney, a senior economist with the department.
“Based on historical data, I would think we’re reaching that point where we’re not going to see the unemployment rate drop much further,” Gedney said.
Nationally, the unemployment rate fell to 4.7 percent in February from 4.8 percent in January.
The number of people actively participating in Colorado’s labor force increased 10,400 in February to 2,922,500, according to a separate survey of households. The number of people reporting themselves as employed rose 10,300 to 2,837,800.
The largest month-over-month private sector gains were in construction, and professional and business services, while the largest losses were in financial activities, and education and health services.
Average hourly earnings fell to $27.20 from $27.47 year over year, according to the report.