Unemployment rate
Colorado’s overall unemployment rate dropped to 2.8 percent during August, according to figures from the Colorado Department of Labor and Employment. The drop was slight, just two-tenths of 1 percentage point. This helped push the jobless rate well below last August, when 4 percent of the state’s work force was unemployed. So far this year, the jobless rate in the state has ranged from 2.7 percent to 3.1 percent. Total employment in Colorado was up 57,000 for the first eight months of 1999, compared to the same period a year ago. The department noted the state’s two largest industries; trade and services were responsible for creating 28,300 of Colorado’s 36,500 new jobs over the past year. There were several developments in the Colorado labor force over the last year in a half. Seasonally adju
sted resident employment fell 5,400 over the month to 2,249,100. But the number of jobholders was still up 64,000 or 2.9 percent from last April. Looking at the labor force movement at this time of year, the estimated number of unemployed persons went up 1,700 to 65,100 during the month. The number of unemployed, however, is still down from the level of 66,800 one year ago. This is a good indication of frictional unemployment, individuals are choosing to change jobs while the job market continues to offer more opportunity to both skilled and unskilled employees. Colorado firms added 4,400 jobs over the month reaching 2,190,700. This was an increase of 3.6 percent or 76,300 positions from April 1999. Two industry sectors lost jobs over the month. Transportation and public utilities and finance, insurance, and real estate
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Approximate Pages = 2 (250 words per page double spaced)
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