Press Release: Colorado Employment Situation – November 2023

Nonfarm Payroll Jobs Decline by 700 in November;Unemployment Rate Remains at 3.3 PercentReminder: There will be no press call to review the November report this month. Please send any questions to: cdle_pr@state.co.us.Household survey dataAccording to the survey of households, Colorado’s seasonally adjusted unemployment rate was flat from October to November at 3.3 percent. The number of unemployed individuals grew by 1,900 over the same time period to 107,900. The national unemployment rate decreased two-tenths of a percentage point to 3.7 percent from October to November. Colorado’s labor force rose by 2,700 in November to 3,249,700. The share of Coloradans participating in the labor force was unchanged at 68.4 percent in November, compared to the month prior. The U.S. labor force participation rate was 62.8 percent in November, growing one-tenth of a percentage point from the month prior. The number of individuals employed in Colorado increased by 800 in November to 3,141,900, which represents 66.2 percent of the state’s 16+ population. Colorado’s employment-population ratio of 66.2 in November was unchanged from the month prior. The national employment-population ratio climbed three-tenths of a percentage point to 60.5 percent in November, compared to the October rate of 60.2 percent.Establishment survey dataEmployers in Colorado shed 700 nonfarm payroll jobs from October to November for a total of 2,915,500 jobs, according to the survey of business establishments. Private sector payroll jobs decreased by 2,100, while government added 1,400 jobs. October estimates were revised down to 2,916,200, and there was no change over the month from September to October, rather than the originally estimated increase of 1,500 (monthly revisions are based on additional responses from businesses and government agencies since the last published estimates). The Private industry sector with significant job gains in November was: other services (≈900). Significant over the month private sector job loss occurred in manufacturing (≈1,600) and trade, transportation, and utilities (≈1,500). Since November 2022, nonfarm payroll jobs have increased 31,100, with the private sector growing by 11,700 and government adding 19,400 jobs. The largest private sector job gains were in leisure and hospitality (≈16,800), professional and business services (≈9,200), and educational and health services (≈6,300). During that same period trade, transportation, and utilities (≈8,600), financial activities (≈8,300), construction (≈4,400), and information (≈1,900) payroll jobs declined. Colorado’s rate of job growth over the past year is 1.1 percent, lagging the U.S. rate of 1.8 percent. Over the year, the average workweek for all Colorado employees on private nonfarm payrolls rose from 33.1 to 33.5 hours, while average hourly earnings grew from $35.35 to $36.93. Colorado average hourly earnings are two dollars and eighty-three cents higher than national average hourly earnings of $34.10.###All Colorado estimates from the establishment and household surveys, including greater geographic detail, are available at: www.colmigateway.com. Estimates for all states and the nation are available at: www.bls.gov.For data visualizations, visit public.tableau.com/app/profile/cdle.lmi.The December 2023 Colorado Employment Situation will be released at 8:00 AM on Friday, January 19, 2024. The full schedule of release dates for calendar year 2023 estimates is available at www.colmigateway.com.###Technical NotesThis release provides information on industry employment and labor force statistics for November 2023, the most current estimates available from the Colorado Department of Labor and Employment. The reference period for the establishment survey was the pay period that includes the 12th of the month. While the household survey’s reference period typically covers the week that includes the 12th of the month, that shifted to the week that includes the 5th of the month for November. For more information on these infrequent reference week shifts, go to www.bls.gov/cps/definitions.htm#refweek.The unemployment rate, labor force, labor force participation, total employment, and the number of unemployed are based on a survey of households. The total employment estimate derived from this survey is intended to measure the number of people employed.Nonfarm payroll jobs estimates are based on a survey of business establishments and government agencies, and are intended to measure the number of jobs, not the number of people employed. Other series based on this survey include private sector average weekly hours, average hourly earnings and average weekly earnings.The business establishment survey covers about seven times the number of households surveyed and is therefore considered a more reliable indicator of economic conditions. Because the estimates are based on two separate surveys, one measuring jobs by worksite and the other measuring persons employed and unemployed by household, estimates based on these surveys may provide seemingly conflicting results.Resources MentionedSupplemental InformationLabor Force Summary November 2023City Report November 2023County Report November 2023November 2023 Press Release