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Colorado Employment Situation May 2012

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Colorado Employment Situation May 2012

(DENVER) -- Employers in Colorado added 2,000 nonfarm payroll jobs from April to May for a total of 2,291,700 nonfarm payroll jobs, according to the survey of business establishments. Private sector payroll jobs increased 2,300 and government decreased 300.

 

 According to the survey of households, the unemployment rate increased two-tenths of one percentage point over the month to 8.1 percent. The increase in the unemployment rate was caused by an increase in the number of people actively participating in the labor force without a corresponding increase in the number of people reporting their status as employed. The national unemployment rate increased one-tenth of a percentage point over the same period to 8.2 percent.

 

Over the year, the average workweek for all employees on private nonfarm payrolls decreased from 35.1 to 34.4 hours and average hourly earnings increased from $23.90 to $24.52.

 

The largest over the month private sector job gains were in financial activities and leisure and hospitality. The largest decline was in trade, transportation and utilities.

 

Over the year, nonfarm payroll jobs increased 40,800. Private sector payroll jobs increased 41,200 and government declined 400. The largest private sector job gains were in professional and business services, education and health services, and construction. The only significant decline in private sector payroll jobs was in information.

 

Over the year, the unemployment rate is down three-tenths of one percentage point from 8.4 percent in May 2011. The number of Coloradans participating in the labor force increased 19,200, total employment increased 24,200 and the number of unemployed decreased 4,900. The national unemployment rate declined from 9.0 percent in May 2011 to 8.2 percent in May 2012.

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