Colorado's jobless rate continues to edge up

Colorado’s unemployment rate continued to edge up in July, increasing a tenth of a percentage point from the month before to 3.9%, the C olorado Department of Labor and Employment reported Friday.

The state’s jobless rate remains below the national rate, which rose two-tenths of a percentage point to 4.3% in July. Still, Colorado’s unemployment rate has slowly increased throughout the year, after reaching 3.4% in January.

There have been signs of a cooling job market in the wake of the Federal Reserve’s fight against inflation and resulting high interest rates. A U.S. Labor Department report released early this month showing employers added fewer jobs than expected in July set off a minipanic on Wall Street.

According to Friday’s state Department of Labor and Employment report:

• The number of unemployed in the state grew in July by 1,800 to 126,300.

• Colorado’s labor force increased by 5,500 in July to 3,242,900.

The share of Coloradans participating in the labor force remained unchanged in July at 67.9%.

• Employers in the state added 4,800 nonfarm payroll jobs in July for 2,994,000 jobs, according to a survey of business establishments.

Private sector payroll jobs grew by 2,500; government added 2,300 jobs.

• Over the year, the average workweek for Colorado employees on private nonfarm payrolls edged up slightly, from 33.4 to 33.5 hours. Average hourly earnings grew from $36.26 to $37.76, above the national average hourly earnings of $35.07.