Business highlights:
Employers in Colorado added 10,600 nonfarm payroll jobs from September to October for a total of 2,756,300 jobs, according to the survey of business establishments. Private-sector payroll jobs increased by 10,000 and the government added 600 jobs.
Over the past 18 months, Colorado has gained back 313,100 of the 375,800 nonfarm payroll jobs lost between February and April of last year. That translates to a job recovery rate of 83.3 percent, which exceeds the U.S. rate of 81.2 percent.
Other highlights:
- September estimates were revised up to 2,745,700, and the over the month change from August to September was a gain of 9,700 rather than the originally estimated increase of 5,100 (monthly revisions are based on additional responses from businesses and government agencies since the last published estimates).
- Private industry sectors with significant job gains in October were: leisure and hospitality (~6,800), trade, transportation, and utilities (~2,100), and professional and business services (~1,900). Significant over the month private-sector job loss occurred in other services (~2,000).
- Since October 2020, nonfarm payroll jobs have increased 104,600, with the private sector growing by 92,500 jobs and the government adding an additional 12,100 jobs. The largest private-sector job gains were in leisure and hospitality (~45,200), professional and business services (~23,400), and trade, transportation, and utilities (~15,800). During that same period, construction (~1,200) payroll jobs declined. Colorado’s rate of job growth over the past year is 3.9 percent, compared to the U.S. rate of 4.1 percent.
- Over the year, the average workweek for all Colorado employees on private nonfarm payrolls decreased from 33.7 to 33.3 hours, while average hourly earnings increased from $30.83 to $32.54, a dollar and fifty-eight cents more than the national average hourly earnings of $30.96.
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