Colorado unemployment hits 20-year high
DENVER, Colorado ” Colorado’s unemployment rate has hit a 20-year high.
The state Department of Labor and Employment says the unemployment rate for February was 7.2 percent. It hasn’t been that high since February of 1988. A year ago the rate was 4.5 percent.
The number of employed Coloradans fell by 21,500 people in February. The department says joblessness went up in 51 counties last month. There are now almost 200,000 people in Colorado looking for work.
Earlier this week, legislative economists warned that Colorado’s unemployment benefits fund will be close to insolvency next year because of high demand. The fund likely will require bond issues or borrowing from the federal government.