The recent BLS benchmark revisions showed the Colorado labor market performed better than expected in 2023 and the momentum carried into the new year. After revisions, Colorado employment increased by 5,900 in January. Preliminary data for February shows an increase of 8,500. Most likely, the February data will be revised downward next month.

The healthcare, local government, and construction sectors led the growth in employment; however, there are three areas of concern: wholesale trade, retail trade, and accommodation and food services. Employment declines in these sectors may suggest that business in those areas has softened, i.e., consumer spending may be slowing. Time will tell whether this is a trend or an anomaly.

For details, go to https://cber.co/economic-updates/. Click on the link about February data for more information about 2024, and the benchmark report provides revised information by industry sector for 2023.

You might also enjoy the quarterly economic updates published by the Colorado Legislative Council and the Governor’s Office of State Planning and Budgeting. They provide a comprehensive overview of the state economy.