COLORADO SPRINGS — The unemployment rate in the Colorado Springs area continued its year-long decline in November, but once again, the number reflects a shrinking labor force more than a booming jobs market.
The U.S. Bureau of Labor Statistics this week reported Colorado Springs’ unemployment rate fell to 5.3 percent in November from 5.4 percent in October.
It’s a steep drop from the November 2013 rate of 7.7 percent. While the area has seen some employment gains, the falling rate is largely tied to an exodus of people from the labor force — they account for nearly half of the drop.
In October, the local labor force shed 1,300 people from September. In November, the labor force was down 1,185 from October.
Although there is no definitive explanation for the dwindling labor force, local economists and other experts have tied it to several factors, including an increase in the number of baby boomers who are retiring and a wave of workers leaving the area for higher-paying jobs.
For November, Colorado Springs had 307,774 people in the civilian labor force, with 291,417 of those employed.
The area’s payroll numbers were unchanged from October and November 2013, with big declines in professional and business services, tourism and information technology offset by gains in state government, health care, financial services and construction.
The November unemployment rate for the state was 4.1 percent, down from 4.3 percent in October and 6.3 percent in November 2013.
The Pueblo area had the highest unemployment rate in the state, 5.9 percent, followed by the Colorado Springs area.
Unemployment declines, but for wrong reasons
Colorado Springs-area unemployment rate, November 2013 through November 2014:
*preliminary figures, seasonally adjusted
Source: U.S. Bureau of Labor Statistics
