Colorado unemployment rate in march lowest in 41 years

Colorado's unemployment rate in March was the lowest its been in 41 years and more than 10,000 people got new jobs, officials said.

KUSA - Colorado's unemployment rate in March was the lowest its been in 41 years and more than 10,000 people got new jobs, officials said.

In March, the unemployment rate in Colorado was 2.6%. The national unemployment rate decreased two-tenths of a percentage point in March to 4.5%. The figures mark the lowest unemployment rate in Colorado since the series began on January of 1976.

While it all sounds positive, there's a downside to the tight job market.

The Department of Labor and Employment says the reason it can be tough for some businesses to find good employees is because there simply aren't a lot of people looking for jobs. Jobs requiring specialized skills are struggling even more, experts said. The tech industry and healthcare industry fall under that category.

Professional and business services appear to be booming in Colorado, said Alexandra Hall, the Chief Economist with the Department of Labor.

"Places that hire engineers, accountants, architects," Hall says, "those kinds of businesses are doing well and then construction, too."

The job report surprised experts who didn't think a dwindling industry in Colorado would somehow make a comeback.

"People might be suprised to learn that in the past 5 years, we've added 15,000 manufaturing jobs in Colorado," Hall said.

If you're looking for a job, the lower the unemployment rate, the more you have an upper hand.

"It creates a better environment for them for job searching and for arguing for a pay raise," Hall explained.

Total nonfarm payroll jobs were unchanged from February to March for a total of 2,634,400 jobs, according to the survey of business establishments. Private sector payroll jobs increased 100 and government decreased 100.

© 2017 KUSA-TV


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