By Brian Lewandowski, Associate Director, Business Research Division, Leeds School of Business
The December state jobs report was released on January 26, 2016 with the preliminary numbers showing a month over-month increase in employment (10,700 jobs, 0.4%) and an upward revision (300 jobs) to the November estimates. According to data from the Colorado Department of Labor and Employment (CDLE) and the Bureau of Labor Statistics (BLS), January recorded 46,600 more jobs than the same month in 2014, increasing 1.9% year-over-year—an acceleration from November.
Colorado has been firmly entrenched in sub-3% growth for 10 consecutive months. Year-over-year growth in December ranked Colorado 20th nationally.
Three ups:
- The state unemployment rate improved to 3.5%.
- Inflation has remained subdued in the state, with prices in the Denver-Boulder-Greeley area increasing 1.2% year-over-year overall, core inflation increasing 3.3%, and shelter increasing 5.7%.
- Labor force participation increased by 7,600 in December.
Three downs:
- After outperforming the nation post-recession, Colorado’s pace of job growth is now mirroring national growth.
- Employment declined in two of Colorado’s metropolitan statistical areas (MSAs) year-over-year.
- Energy prices are leading to a decrease in industry activity across the state.