Colorado’s unemployment rate dropped to its lowest level in 4 1/2 years in February as retail, tourism and health-related businesses hired more workers, labor officials said today.
The 4.3 jobless rate was down 0.4 percentage point from January and 1.1 percentage point from February 2005, the Colorado Department of Labor and Employment said.
The last time the rate was this low was in September 2001, at 4.2 percent, said Tucker Hart Adams, a regional economist for U.S.
Bank. “It looks very good for Colorado,” she said. “That unemployment rate is down substantially.” Colorado’s non-farm work force totaled 2.26 million in February, up 5,300 workers from January and 49,100 from February 2005, the department said.
The February growth was fueled by gains in trade, transportation and utilities, leisure and hospitality, and educational and health services, according to the state’s seasonally adjusted figures.
Manufacturing was the only sector to show a loss, down 200 jobs from January.
In a year-over-year comparison, the strongest job gains were reported in professional and business services, trade, transportation and utilities, and construction.
“Both the national and Colorado labor markets have seen steady wage and salary growth over the last two years,” Rick Grice, the department’s executive director, said in a statement.
Nationally, the rate was little changed at 4.8 percent.
Adams said she has seen recent reports of shortages in certain types of professional work but those still looking for work may lack the skills required for the vacant positions.
It was the second shot of good news this week. On Tuesday, the U.S. Bureau of Economic Analysis said Colorado’s average personal income grew 5.1 percent last year, the fastest in five years and half a percentage-point better than the national average.
