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Colorado's economy looks strong in new employment numbers

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Posted at 12:34 PM, Jun 16, 2023
and last updated 2023-06-16 20:06:10-04

COLORADO — Today, Governor Jared Polis and the Colorado Department of Labor and Economy announced new unemployment numbers that signal a strong Colorado economy.

In the month of May, the unemployment rate was 2.8%, according to the CDLE. This rate has gone up and down by around 1% since June of 2022, based on databy the U.S. Bureau of Labor Statistics.

This rate is well below the national average of 3.7%.

"Colorado’s strong economy continues to grow businesses, attract new companies, and create more good-paying jobs," said Governor Polis, "Our administration is committed to growing our state’s workforce and providing new resources and opportunities for businesses and Coloradans.”

The labor force participation rate also increased to 68.7%, the fourth highest in the nation. This rate represents the percentage of the Colorado population that is working or actively working.

Below you can see how this data has fluctuated since January of 2023.

Unemployment Rate (U.S. Bureau of Labor Statistics)

  • Jan: 2.8%
  • Feb: 2.9%
  • Mar: 2.8%
  • Apr: 2.8%
  • May: 2.8%

Labor Force Participation Rate (Federal Reserve Bank of St. Louis)

  • Jan: 68.3%
  • Feb: 68.9%
  • Mar: 68.6%
  • Apr: 68.2%
  • May: 68.7%

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