Just 3.2% of the Boulder-Longmont area’s workforce were unemployed in February, which is less than the state or country’s declining joblessness rates for the same month.
According to the Colorado Department of Labor and Employment’s monthly employment situation update, Colorado joblessness has fallen to 4%. This marks the lowest level for the state since February 2020 when it was 2.8%, the state said. Nationwide, unemployment is at 3.8%.
With a labor force of just over 200,000 people in Boulder County, state reporting said that 6,362 people were unemployed last month. This is in contrast to the 9,866 job openings advertised online in the area as of March 24, according to the labor department.
The employers in Boulder County with the largest number of job openings are the Sierra Nevada Corporation, Boulder Community Health, St. Vrain Valley School District, SCL Health and University of Colorado, according to online advertised jobs data from the state.
The top growing occupations in Boulder County are in fast food, software, retail, waitering, and management, according to the state.
Colorado’s labor force grew by 11,600 in February for a total participation rate of 68.7%. This is the highest labor participation rate since March 2020, with the state continuing to experience a faster rate of recovery in labor force participation than the U.S.
The state’s employment-to-population ratio has also returned to nearly pre-pandemic levels, the labor department said.
State sectors with significant job gains in February were trade, transportation and utilities; professional and business services; leisure and hospitality; and construction. No industries saw significant declines over the month.
In the last year, the average workweek for Colorado employees on private nonfarm payrolls decreased from 33.3 to 32.9 hours, the state said, while average hourly earnings grew from $30.87 to $33.79. This is $2.20 more than the national average hourly earnings.
In Boulder County, average wage is even higher at $40.73 an hour.
The U.S. Labor Department reported on Thursday that last week’s joblessness claims fell to the lowest level for initial claims since 1969. The four-week moving average for unemployment nationwide, which accounts for weekly variability, is also at its lowest level since 1970.
