County unemployment, workforce both falling due to potentially slowing economy
EAGLE COUNTY — The unemployment rate in Eagle County has dropped throughout the past year. But fewer people are in the workforce.
A recent memo from Eagle County Controller Tom Hyatt to Eagle County Commissioner Kathy Chandler Henry notes that according to the Colorado Department of Labor and Employment, the county’s unemployment rate was 2.7 percent in August 2015. The rate in August 2014 was 3.6 percent. Unemployment for the same period in 2013 was 5.3 percent and 6.6 percent in 2012. The county’s workforce was 31,069 in August of this year. The total number of people employed decreased 388 from last month and decreased 255 from August 2014.
Economy Slowing down?
According to the memo, the decrease in the number of people employed in August 2015 verses August 2014 is the second month in a row where same month, year-over-year workforce number decreased. Prior to July 2015, the county experienced 18 straight months where the number of people employed was more than the same month in the prior year. The memo states that the August unemployment rate improved because the civilian labor force decreased by 553 from August of 2014. That means the number of people looking for jobs is decreasing faster than the number of people employed.
According to Hyatt, those numbers could indicate that the county’s economy is starting to slow.
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The memo states that the September 2015 unemployment rate in Eagle County is likely to remain in the 2.6 percent range.