The number of new non-farm jobs in Colorado significantly rose by 5,100 in December 2017, up from 1,800 jobs in November although the jobless rates increased as well, according to the state department of labor and employment (CDLE).
Unemployment increased to 3.1% from 2.9% in the same comparable period, largely because of 141,700 people that sought work in the state in the previous year.
Despite the increase in Colorado’s jobless rate, CDLE senior labor economist Ryan Gedney said that the state’s workforce grows “faster than any other state.” The higher number of jobless people that have begun to seek jobs means that they are more confident on employment prospects.
According to Gedney, the almost 142,000 people that applied for jobs marked a record figure. It also represented the fifth largest number nationwide and the fastest growth since 1998. Employers should expect to improve their screening of potential candidates, especially for jobs that attract multiple applicants. On the other hand, Littleton Alternative Dispute Resolution, Inc. noted that a mediation master solution to employment disputes will likely be more necessary as well.
Jobs in professional and business services accounted for a huge portion of all added payroll jobs in 2017, with around three out of 10 jobs or 15,600. Construction employers added 8,600 people, or one in six jobs, while leisure and hospitality employed 8,700 new workers.
Trade, transportation and utilities, education and health services, information, and manufacturing also contributed to the addition of new employees. Aside from more vacancies, job seekers became more encouraged to clinch job opportunities likely due to a big increase in Colorado’s minimum wage last year.
Job growth may serve as an indicator of the strength of a state’s economy. In Colorado’s case, the significant increase in employment signals a favorable economic outlook for 2018. What is your own perception of the job market?