What is the unemployment rate in Colorado?
For those looking to ask, “What is the unemployment rate in Colorado?” the answer is 2.3 percent. This is a record low unemployment rate in Colorado and a whopping 2.1 percent lower than the national average. In fact, the jobless rate in Colorado is the lowest in the entire nation. Historically, the 2.3 percent unemployment rate has only been met four times by any other state in the country. The reason for such a drastic decline in percentage is due largely in part from private sector employment as well as the increase of over 14,000 new workers actively participating in the Colorado labor force. The largest job gains come in the form of trade, transportation, education, health services, utilities, leisure and hospitality. The job increases were so large, however, that they compensated for what was lost in the mining and logging sectors.
For those in Colorado facing unemployment, the state does offer unemployment insurance benefits based on eligibility requirements. Each state varies in what constitutes as being eligible for unemployment benefits. Within Colorado, benefits can only be provided to persons 18 years of age and older, with proof of citizenship and the right to work in the United States. Unemployment insurance benefits provide temporary or partial wage compensation for workers who find themselves jobless at no fault of their own, but who are still able to work if an opportunity should arise.