Colorado’s unemployment rate increased for a seventh consecutive month in October 2024, according to the Colorado Department of Labor and Employment. The recent increase is minor, only one-tenth of a percentage point from September, equating to nearly 3,900 individuals becoming newly unemployed. This brings the total number of unemployed residents of the state to around 134,700.

This rise has been a part of a slow-growing trend occurring since August 2022 when the unemployment rate stood at a post-pandemic low at 2.6%. As of October, Colorado’s unemployment rate matches the national unemployment rate of 4.1%, the first time such has occurred since January 2020 when each stood at 4%.

Monicque Aragon, the senior economist at the Colorado Department of Labor and Employment, indicates that while both Colorado and nationwide unemployment rates have trended upwards since mid-2022, the US rate has remained steady between 4.1 and 4.3%. Colorado, however, has been gradually moving towards the national average. This general softening in the labor market was expected given the rapid post-pandemic recovery and high interest rate environment.

Of Colorado’s Western Slope, Pitkin County has the highest unemployment rate at 5.3%. Meanwhile, the state’s labor force saw an increase in October by 4,300 individuals, keeping the labor force participation rate constant since May at 67.9%.

Survey data reveals that Colorado added 9,000 nonfarm payroll jobs from September to October 2024, with most coming from the business services and hospitality sectors. Currently, there are just over 3 million jobs in the state, up from 59,500 from the previous October.

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