Employers in Colorado added 4,900 nonfarm payroll jobs from April to May for a total of just more than 2.5 million jobs, according to a news release issued by the Colorado Department of Labor and Employment. Private sector payroll jobs increased 4,400 and government increased 500.
According to a survey of households, the unemployment rate increased one-tenth of a percentage point in May to 4.3 percent, the release stated, adding that the number of people actively participating in the labor force decreased 100 over the month to just more than 2.8 million while the number of people reporting as employed decreased 3,200 to 2.7 million. The larger decrease in total employment than in labor force caused the number of unemployed to increase 3,100 and the unemployment rate to increase to 4.3 percent. The national unemployment rate increased one-tenth of a percentage point from April to May to 5.5 percent, the release reports.
Over the year, the average workweek for all employees on private nonfarm payrolls decreased from 34.1 to 33.8 hours and average hourly earnings increased from $26.24 to $26.86.
The largest over the month private sector job gains were in financial activities, leisure and hospitality, education and health services. The largest over the month declines were in trade, transportation, utilities and construction.
Over the year, nonfarm payroll jobs increased 61,100 with an increase of 54,700 in the private sector and an increase of 6,400 in government, the release states, adding the largest private sector growth was in education, health services, leisure and hospitality, and construction.
Over the year, the unemployment rate has declined nine-tenths of a percentage point from 5.2 percent in May 2014. The release reported that the number of Coloradans participating in the workforce increased 16,000, total employment increased 38,600 and the number of unemployed decreased 22,700. The national unemployment rate declined from 6.3 to 5.5 percent from May 2014 to May 2015.