Learn About the Colorado Unemployment Rate
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The unemployment rate within the United States is a measurement of the labor force that is jobless out of the entire labor force as a whole. This jobless rate is expressed as a percentage reported and monitored by the Bureau of Labor Statistics.
The unemployment rate should be recorded and analyzed carefully, as it can be representative of the economic state as well as an indicator for how certain labor sectors are doing within each state. This percentage may influences unemployment insurance policies, as high rates of unemployment negatively affects the economy. The unemployment rate is a direct reflection of the fluctuation in economic conditions, rather than an anticipatory number.
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.