Colorado’s unemployment rate at 2.3%


Colorado’s unemployment rate in May stayed at 2.3 percent, maintaining its lowest-ever level — and the lowest nationally — as jobs in the private sector grew and government employment in the state fell slightly.

The largest private sector job gains were in trade, transportation, and utilities, education and health services, and leisure and hospitality. The largest declines were in professional and business services, and manufacturing, according to the labor department.
The state’s record-low unemployment rate is a mark visited only four other times by any state in recent U.S. history.
The rate is so low, it is acting like an anchor on the state’s economy, leaving thousands of jobs unfilled and hurting the ability of businesses to meet customer demands, economists warned.
Colorado’s unemployment rate has been steadily dropping since February, when it was at 2.9 percent. In May 2016, the level was 3.4 percent.
The state says nonfarm payroll jobs have increased by 62,000 over the past 12 months, with 54,300 of those coming in the private sector and 7,700 in government. Trade, transportation, utilities, leisure and hospitality, education and health services have seen the largest gains in Colorado, while manufacturing, mining and logging declined over the year.
The state with the next-lowest unemployment rate in May was North Dakota, at 2.5 percent.

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