Colorado’s unemployment rate hits record low 2.6%
By Dan Karpiel
Coloradans got some good news recently as the Bureau of Labor Statistics (BLS), an arm of the U.S. Department of Labor, announced Colorado’s seasonally adjusted unemployment rate hit a record low of 2.6%. That figure represents the lowest unemployment rate since the BLS began tracking the data state-by-state in 1976.
Colorado’s 2.6% unemployment rate is a full percentage point below the national rate, which currently sits at 3.6%, which itself represents the lowest mark since 1969. Colorado’s rate is the fourth-lowest in the nation; only Vermont (2.2%), North Dakota (2.5%) and Utah (2.5%) have lower unemployment rates, according to the BLS. The states with the highest unemployment rates are Alaska (6.2%), Mississippi (5.5%) and the District of Columbia (5.4%).
According to a report by Colorado Public Radio (CPR), Colorado also experienced faster job growth than the nation overall, and Colorado’s average wage also increased slightly to $30.58 per hour. Furthermore, Colorado has more jobs available than unemployed people to fill them, according to CPR, which is leading employers to offer more lucrative compensation packages to fill the gaps in their workforce.
Unsurprisingly, politicians on both sides of the aisle raced to take credit for the good news. Said Colorado Governor Jared Polis, a Democrat, “Our efforts on economic development have been very attractive. What we find is that companies from both coasts appreciate the positive business environment in Colorado, the great quality of life and, honestly, they’re facing similar difficulties on both coasts with regards to attracting the people they need.”
A press release from the Colorado Republican Party stated, “It is clear that pro-growth policies implemented by President Trump and Cory Gardner have Colorado’s economy roaring. On top of unprecedented job growth, Coloradans have seen over 160,000 new jobs created since President Trump’s election, growing labor force participation, and an average tax cut of $1,425.”
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