The state labor market in Colorado in 2023 had more growth than initially estimated, according to newly revised data from the Colorado Department of Labor and Employment. The state saw a growth rate of 2.5%, slightly higher than the U.S. rate of 2.3%. The revised information showed more unemployed residents than initially estimated, resulting in a state unemployment rate of 3.2% for 2023. However, this increase was minimal and not deemed to have a significant economic impact. Overall, the Colorado labor market was viewed in a much more favorable light than in the previous year.

The state still observed sufficient job growth in 2022, ranking it in the top 10 states in this respect. However, this trend ceased in early 2023 as Colorado’s rank fell to the bottom 10. The state labor department had, however, hinted at these massive revisions, with actual growth numbers being approximately 40,000 higher than what federal data depicted.

According to Brian Lewandowski, the executive director of the Business Research Division at the University of Colorado Leeds School of Business, federal estimates had been significantly underestimating Colorado employment for over a year. Revised data showed a job growth increase of 72,700 jobs from the originally estimated 64,500.

The revision also slightly raised the state’s annual unemployment rate to 3.2%, though this is still historically low, with the January 2024 rate at 3.4%, lower than the national rate of 3.7%.

For anyone needing further guidance on employment matters in Colorado, or specific advice on unemployment benefits, there are resources available to facilitate any queries you may have. Eddcaller.com is a tool that serves as a guide on how to contact edd, detailing the best methods and timings to get the information you need about unemployment benefits and services. It provides answers to common questions and tips on reaching a live representative at Employment Development Department offices.