Colorado’s April job growth is the best in 12 months, but it’s slower than the nation’s |

Colorado’s April job growth is the best in 12 months, but it’s slower than the nation’s

The chart illustrates Colorado’s ranking among the 50 states for year-over-year job growth since 2009. A rank of 1 represents the fastest growth, a rank of 50 represents the slowest growth. “You can quickly see how unfamiliar the current relative employment trend is for Colorado. Since the financial crises (2007-2009), Colorado has grown accustomed to being a leading state for employment growth.” said Brian Lewandowski, an economist at University of Colorado.
Provided by Brian Lewandowski

After several lackluster months, preliminary data shows that Colorado employers added more jobs in April than they have in the past 12 months. 

More than half of the 7,200 new jobs were in the leisure and hospitality industry, according to the Establishment Survey from the Bureau of Labor Statistics. Job gains were offset by losses in industries like finance, which include banks and insurance, which shed 1,400 jobs last month. 

But as with any preliminary data, revisions will likely be made as they have been already this year, Ryan Gedney, principal economist at the state Department of Labor and Employment, said during a news conference Friday. In March, the state said 4,700 jobs were lost. After revisions came in, the loss was just 1,700. 

Analyzing job data each month comes with caveats because it’s based on surveys and estimates. As more data comes in or is revised, that can adjust Colorado’s monthly job numbers up or down. Based on recent revisions, Colorado’s job growth was 0.8% since April 2022, lagging behind the U.S. job growth rate of 2.6%.  

Gedney said some of the decline may be due to data benchmarking issues that undercounted how many jobs Colorado added. But that impacts the job growth rate by only “five-tenths or six-tenths of a percentage point.” 

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