Colorado unemployment rate remains at record low

Colorado added 4,400 nonfarm payroll jobs in August, bringing total employment in the state to 2,655,300, according to the Colorado Employment Situation released today by the Department of Labor and Employment. 

The gains helped the unemployment rate stay at its historic low of 2.4 percent. This compares favorably to the national unemployment rate in August of 4.4 percent. 

The private sector added 2,700 jobs, while government gained 1,700 positions. The average workweek for private non-farm employees increased slightly to 33.9 hours. Average hourly earnings also increased, up to $27.41 from $26.60. 

Industry-wise, the most employment gains occurred in the professional and business services sector. Leisure and hospitality, as well as the information sector, lost jobs. 

Colorado had the lowest unemployment rate in the country from March to June of this year, when it was at 2.3 percent, The Denver Post reported. North Dakota tied for the position in June. However, the Colorado unemployment rate rose to 2.4 percent in July. 

Over the year, the state unemployment rate has decreased by nine-tenths of a percentage point, and an additional 95,200 joined the labor force. 

Colorado added 4,400 nonfarm payroll jobs in August.