Colorado employers added 6,200 jobs in the state last month after a loss of 700 jobs in January. The unemployment rate ticked up to 2.9% from 2.8%.
After a weak start to the year, hiring rebounded strongly in Colorado in February. But the number of people joining the labor force outpaced the number of jobs added, resulting in a slightly higher unemployment rate, according to aThe state lost a revised 700 jobs in January, reversing the initially reported gain of 800 jobs and putting Colorado in a group of only four states to suffer a decline in nonfarm payroll jobs that month.
Those losses were likely caused by a colder and snowier start to the year, said Ryan Gedney, a senior economist with the CDLE on a press call Friday morning. Employers went back to hiring in February, adding an estimated 6,200 jobs, continuing a bouncing pattern seen across much of last year of alternating months of strong and weak hiring.
“It is great that employment increased by 6,200 in February, but the gains were concentrated in four sectors,” said Broomfield economist Gary Horvath in an email. “About 3,700 jobs were added in the government sector and food and accommodation services. About 1,800 were added in administrative services and other services. Growth was subpar or negative in other sectors.”
Public sector employment rose by 1,800 jobs in February, following a strong gain of 2,800 jobs in January. Leisure and hospitality added 1,500 jobs and other services added 900 jobs. On the downside, the information sector lost 100 jobs, while educational and health services lost 200 jobs.
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