November job losses push Colorado鈥檚 unemployment rate past the national average
Lindsey Toomer/Summit Daily News
Colorado’s unemployment rate has gone up for the eighth time this year 鈥� surpassing the national rate for the first time in almost three years.
The state’s unemployment rate increased two-tenths of a percentage point from October to November, .
With the national rate only increasing by one-tenth of a percentage point to 4.2% from October to November, the state has now surpassed the national unemployment rate for the first time since December 2021.
The unemployment rate for Colorado has ranged between 3.3% and 4.3% over the past year, while the U.S. has ranged from 3.7% to 4.3%, according to data from the Colorado Department of Labor and Employment.
The total number of unemployed Coloradans is now 139,300. Despite the increase, November’s 4.3% unemployment rate still falls within the threshold for .
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Colorado’s unemployment rate has grown steadily since August 2022, when it hit its lowest level since the pandemic at 2.6%.
One instrumental change from October to November was the loss of 3,900 nonfarm payroll jobs, according to the survey of business establishments. Changes in nonfarm payroll jobs from month to month had not dipped into the negative since November 2023, when 2,200 jobs were lost. Back then, the unemployment rate was four-tenths of a percentage point lower than the national rate at 3.3%.
Private sector payroll jobs also declined by 5,500 last month, with the most losses coming from professional and business services (3,500 jobs lost), and trade, transportation, and utilities (2,300 jobs lost). During the same period, 1,600 government jobs were added.
Colorado’s labor force participation rate was 67.9% in November, unchanged for seven consecutive months. The rise in unemployment paired with unchanging labor force participation means more people within the existing labor force are , according to the U.S. Bureau of Labor Statistics. This could indicate a weakening job market where available positions are not meeting the demand from people currently looking for work.
Pitkin County continues to have the highest unemployment rate on the Western Slope, up to 6.4% from October’s 5.4% rate.
