Colorado Job Growth Remains Steady Through May

The most recent data from the Bureau of Labor Statistics shows Colorado is on track to add 49,000 jobs in 2019.

Nationally, the unemployment rate was stable in 42 states and it rose in 2 states. Colorado was one of six states where the unemployment rate declined. The seasonally adjusted rate fell from 3.2% to 3.1%. Colorado’s low unemployment rate continues to be a drag on the economy, as employers continue to struggle to find qualified workers. The state unemployment rate has been below 4.5% for over 4½ years.

Within the past week, the FOMC voted to keep the fed funds target rates unchanged at 2.5%. They expect to see “sustained expansion of economic activity”. To attain their goal of keeping the current expansion alive, they may find it necessary to reduce rates later in the year. Stay tuned!

For more details check out the Review of Colorado Economy – Update Through May 2019. The 2019 forecast can be accessed byclicking here.

Finally, don’t forget to take a look at the quarterly economic updates published by the Colorado Legislative Council and the Governor’s Office of State Planning and Budgeting and. They provide a comprehensive overview of the state economy and the challenges facing the state.

Via Gary Horvath