Nonfarm payroll jobs increased 2,200 over the month from November to December to 2,379,700 jobs, according to the survey of business establishments. Private sector payroll jobs increased 2,400 and government decreased 200.
According to the survey of households, the unemployment rate decreased three tenths of a percentage point in December to 6.2 percent. This is the lowest unemployment rate since reaching 6.1 percent in December 2008.
The number of people participating in the labor force decreased 5,400 over the month and the number of people reporting themselves as employed increased 2,600. The decline in the labor force and increase in total employment caused the number of unemployed to decrease 8,100 and the unemployment rate to decrease to 6.2 percent. The national unemployment rate also decreased three tenths of a percentage point to 6.7 percent.
Over the year, the average workweek for all employees on private nonfarm payrolls decreased from 35.4 to 35.2 hours and average hourly earnings increased from $25.18 to $26.16.
The largest over the month private sector job gains were in leisure and hospitality and professional and business services. There were no significant over the month declines.
Over the year, nonfarm payroll jobs increased 43,900. Private sector payroll jobs increased 35,900 and government increased 8,000. The largest private sector job gains were in professional and business services, education and health services, and construction. Financial activities and information declined.
Over the year, the unemployment rate declined one and three tenths of one percentage point from 7.5 percent in December 2012. The number of Coloradans participating in the labor force decreased 11,400, total employment increased 26,100 and the number of unemployed decreased 37,500. The national unemployment rate declined from 7.9 percent in December 2012 to 6.7 percent in December 2013.
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All Colorado estimates from the establishment and household surveys, including greater geographic detail, are available at: http://www.colmigateway.com. Estimates for all states and the nation are available at: http://www.bls.gov.
The January 2014 Colorado Employment Situation will be released on Monday, March 17, 2014. Revised statewide estimates for 2013 and 2012 and some updated local information will also be released. The full schedule of release dates for calendar year 2014 estimates is available at http://www.colmigateway.com.