Colorado’s employment market continued to tighten last month, despite growing signs that economic growth across the globe is slowing.
Employers in the state added 7,200 nonfarm jobs between June and July, according to an update from the Colorado Department of Labor and Employment. June’s monthly gain, which initially came in at 8,100, was revised higher to 8,500.
The unemployment rate in Colorado dropped from 3 percent in June to 2.9 percent in July, marking the first time since March 2018 that it has moved below 3 percent. The U.S. unemployment rate is 3.7 percent.
Of July’s estimated gains, 1,500 came from government hiring, while 5,700 came in the private sector, with leisure and hospitality, professional and business services, and educational and health services adding the most jobs. No sector showed a significant loss of jobs last month.
Over the past year, the state has added 52,700 jobs. The average workweek has decreased from 34.4 hours to 33.6 hours, but average hourly earnings have risen from $28.78 to $30.24.
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