Despite Losing Jobs, Colorado Unemployment Holding Steady
DENVER (CBS4) – Colorado lost thousands of jobs last month, but the state’s unemployment rate is holding steady.
New numbers out Friday show the state’s unemployment rate remained at 6.9 percent in May. Overall, employers say they cut 5,000 non-farm jobs. Most of those came in the tourist industry and is likely connected to the end of ski season.
The total amount of jobs remains above 2 million, but the good news is more people say they are re-entering the workforce, meaning confidence levels are rising. And more of those people say they are currently working.
One of the leading indicators for Colorado is the construction industry. It had one of the biggest jumps from April to May, which should come as no surprise. At Denver International Airport construction cranes are everywhere, but it’s not just there. Construction on residential housing is also on the rise.
The national unemployment rate declined from this time last year from 8.2 percent in May 2012 to 7.6 percent in May 2013.