Colorado hits lowest unemployment since February 2020

DENVER — Colorado’s seasonally adjusted unemployment price, which dropped 0.3 of a share level in March, was 3.7% final month, the bottom price because the pre-pandemic nadir of two.8% in February 2020.

The state trails the nation, which posted a March jobless price of three.6%, in response to new knowledge launched Friday by the Colorado Division of Labor and Employment.

However that’s a perform of Colorado climbing out of a deeper gap than many different states. Colorado’s restoration price is 109.3%, outpacing the nationwide price of 95.9%.

Regionally, Weld County had a March jobless price of two.8%, in comparison with 4.3% in March.

Larimer County’s price fell from 3.5% in February to three% in March.

Boulder County led the way in which with a non-seasonally adjusted unemployment price of two.7%, down from 3.2% in February.

Broomfield County was simply behind with 2.8%, an enchancment of 0.5% from the earlier month.

Colorado has been trending in the precise path for months and will doubtlessly see the unemployment price method and even dip beneath pre-pandemic lows, CLDE senior economist Ryan Gedney stated.

“The pre-pandemic price was just about a historic low for Colorado, so at this level I’d say [2.8% is] most likely the ground,” he stated. “It’s tough to know. Possibly it goes all the way down to 2.5%, perhaps to 2.4%. I’m hard-pressed to say it goes beneath 2%. There’s not a lot proof for that occuring in any state.”

Over the 12 months, the common workweek for Colorado staff dropped from 33 to 32.9 hours, in response to CLDE knowledge, whereas common hourly earnings grew from $31.32 to $33.85.

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