Colorado Sees Decrease in Jobs in December for First Time Since 1974

Employers in Colorado have cut 100 nonfarm payroll jobs in December making it the first time since 1974 that the state has not increased jobs in that particular month.

The unemployment rate in Colorado rose to 6.1 percent, up from 5.8 percent, making it the highest the state has seen since August of 2003. One year earlier, the unemployment rate was just 4 percent.

Still, however, Colorado’s unemployment rate is less than the national rate, which stood at 7.2% in December.

“Although we have weathered the myriad of economic woes afflicting the nation better than most states, mounting evidence suggests that Colorado entered recession in the last quarter of 2008,” said Donald Mares, executive director of the Colorado Department of Labor and Employment.

Throughout 2008, Colorado has lost 16,200 jobs, which amounts to a decrease of .7 percent.

The worst decline came in the professional and business sectors, where there has been an 11,500-job reduction over the past year. 7,900 jobs were cut in trade, transportation, utilities and construction. Manufacturing saw its jobs decrease by 5,500; while financial activities have lost 4,800 jobs. Leisure and hospitality payrolls have been cut by 1,300.

However, government jobs are up 10,000. Education and health services have grown by 8,900, and the natural resources and mining industry have added 3,300 jobs over the past year.

Keep up with fluctuations in all the sectors of the job market at Employment Crossing.