June job losses replaced by even larger gains in July
Colorado saw an increase of 3,700 jobs in July, offsetting the loss of 2,700 jobs in June, as reported by the Colorado Department of Labor and Employment.
Construction hiring showed significant growth in July with the addition of 3,800 jobs, followed by trade, transportation, and utilities which gained 2,800 positions. Manufacturing and natural resources remained stable, while leisure and hospitality, as well as private educational and health services, experienced job losses.
Over the past year, Colorado has added a total of 16,400 jobs, with 5,500 in the private sector. The state’s job growth rate of 0.6% is lower than the national rate of 1%.
Unemployment in Colorado dropped from 4.7% in June to 4.5% in July, still higher than the U.S. unemployment rate of 4.2%. The number of unemployed workers decreased by 7,200 between the two months.
President Trump’s dismissal of U.S. Bureau of Labor Statistics Administrator Erika McEntarfer followed revisions to job numbers and a modest increase in employment nationwide. The BLS is conducting internal reviews, delaying the release of employment data until Aug. 19.
Colorado’s job market showed improvement in July despite downward revisions in June. The state also saw an increase in job openings, reflecting a stronger job market compared to the national average.
Wages for Colorado workers have increased by 5.1% over the past year, ranking the state sixth in the country for wage growth. The median annual salary for workers in Colorado is $69,000, above the national median of $60,700.
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