Colorado’s labor market is on track to shift from a recovery to an expansion this year, according to revised data released Thursday from the Colorado Department of Labor and Employment.
Average annual nonfarm employment levels in 2005 barely nudged above the old annual average reached in 2001, said Joseph Winter, a senior economist with the Colorado Department of Labor and Employment.
The change came after revisions were made to preliminary 2005 numbers released in January. But the margin is a razor-thin 100 positions out of 2.25 million payroll jobs.
“We are eyeball to eyeball,” Winter said. “We are poised to start another expansion.”
Nonfarm payrolls in the state still haven’t surpassed the all- time monthly high of 2.275 million jobs reached in December 2000.
Winter said the monthly record could fall by June, barring any major disruption in the economy.
Overall employment levels in January were higher by 55,000 jobs than in January 2005.
The seasonally adjusted unemployment rate nudged down from a revised 4.8 percent rate in December to 4.7 percent in January.
Unemployment levels are the lowest since just after the September 2001 terrorist attacks sent the state economy reeling.
The January employment numbers did show that the state lost 51,100 nonfarm jobs over December, which follows normal seasonal patterns.
Among the losses were 14,000 government jobs. Many university staff were still on break when the January count was tallied in the middle of the month and didn’t show up on payrolls, Winter said.
Retailers who let go of holiday workers contributed to the loss of 13,800 positions in trade, transportation and utilities. Cold weather also contributed to a loss of 6,400 construction positions in January.
Staff writer Aldo Svaldi can be reached at 303-820-1410 or asvaldi@denverpost.com.
