Rate ticks up again, but it’s still near historic low
1,800 nonfarm payroll jobs added in Nov. from Oct., with 200 from government
The number of people joining the state’s labor force in November outstripped the pace of hiring and pushed up the unemployment rate, according to an update Friday from the Colorado Department of Labor and Employment.
Colorado employers added 1,800 nonfarm payroll jobs in November from October, with 1,600 in the private sector and 200 from government. The biggest monthly gains came in construction, which added 2,600 workers on a seasonally adjusted basis, followed by leisure and hospitality, which gained 900.
But the number of people participating in the labor force rose by a much larger 14,300 on a seasonally adjusted basis, adding 5,600 unemployed workers and pushing the unemployment rate up to 2.9 percent from 2.7 per- cent in October.
The U.S. unemployment rate was unchanged in November at 4.1 percent.
Colorado’s unemployment rate, after setting a historic low of 2.3 percent in April, is now close to the 3 percent rate measured on a seasonally adjusted basis a year earlier. That’s still super-tight, as in the peak of the dot-com era in 2000.
Poor snow conditions in the mountains are something to watch when it comes to employment in the state, although the impact will likely show up more in the December numbers, said Broomfield economist Gary Horvath.
“Ultimately, most industries in the mountain area will suffer because of the reduced level of visitors,” he said.
Workers have moved up to the resorts for ski season, but poor snow conditions have limited their hours of work. Charities, churches and businesses have stepped in to feed those young adults who remain on standby or on a reduced schedule.
Warm and dry weather, while hurting the ski industry, has worked in the favor of construction. The sector lost 500 jobs in November, but typically it loses 3,100 between October and November.
Retailers, struggling with competition from online stores, appear to have hired fewer seasonal workers last month than they usually do. But manufacturing showed a big gain.
The average workweek for all employees on private nonfarm payrolls was unchanged at 33.3 hours for the year. Average hourly earnings increased from $26.96 to $27.85, according to the report.