Colorado Politics

2019 jobs numbers to be revised upward, state announces

The third quarter of 2019 saw more jobs added than initially estimated, the Colorado Department of Labor and Employment announced on Thursday. Revisions to the employment data from July through September indicated that there were 57,200 nonfarm payroll jobs added in 2019, a growth rate of 2.1%.

The sectors where there appear to be greater gains than initially announced include construction, transportation, finance, government and utilities. Business services and leisure and hospitality will shrink somewhat from initial estimates. The Denver and Pueblo metro areas will likely have bigger job gains, while Colorado Springs and Boulder will be revised downward.

Fourth-quarter data for 2019 will be finalized in March.

In most months, the U.S. Bureau of Labor Statistics relies on a survey of businesses to estimate the number of jobs added in the prior month. A process called benchmarking takes place in February, in which the department uses unemployment insurance reports to adjust the estimates based on the number of employees each business discloses in its records. The unemployment insurance reports contain information on approximately 88% of the state’s workforce.

The latest jobs report released in January indicated a historically low unemployment rate in Colorado of 2.5%.

Office workers
(Photo by pixabay)
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