Colorado’s unemployment rate is on a streak, staying below 3% for 10 consecutive months.

The state’s seasonally adjusted unemployment rate rose by one-tenth of a percentage point, reaching 2.9%, in February, according to the Colorado Department of Labor and Employment.

The number of unemployed individuals increased by 2,200 during the same time, reaching 92,700. January’s unemployment rate was 2.8%.

Colorado unemployment rate remains at pre-pandemic levels, and 10 months is the longest period in which unemployment has been below 3% since 2019, said Ryan Gedney, principal economist for the department. Comparatively, the national unemployment rate grew two-tenths of a percentage point, reaching 3.6% from January to February, according to the report.

The labor force in Colorado increased by 10,700 in February to 3.2 million. Those participating in the labor force reached 68.3% in February, compared with 68.1% in January. Nationally, the labor force participation rate was 62.5% in February.

Those employed in Colorado grew by 8,500 in February to 3.1 million; 66.3% of residents over the age of 16 were working. The national employment-to-population ratio in February at 60.2%, which has not changed since last month.

State employers added 6,200 jobs (nonfarm, payroll), reaching 2.9 million jobs, according to the report. The private sector added 4,400, and the government added 1,800 jobs.

The most significant job gains during February were in leisure and hospitality, reaching about 1,500 people.

Since this time last year, jobs have increased 46,700 — most of which were in the private sector with 38,800 while government added 7,900 jobs. However, the state’s rate of job growth over the past year is 1.6%, compared to the U.S. rate of 2.9%.

The average workweek over the year for Colorado employees in the private, nonfarm payroll sector decreased from 32.9 to 32.7 hours. In the same time, hourly income went from $33.77 to $35.68, which is about $2.60 more than the national average.

Gedney said Friday during a news conference that there is a higher probability of a recession than there was a year ago, but he does not expect one.

“That’s certainly been on the forefront of either forecast or banking chatter or economic chatter,” Gedney said.

“The Federal Reserve increased the reserve rate by 25 basis points yesterday, again, in a response to what is historically high inflation. There’s also what we saw was two banking collapses that seem to have been resolved at this point, but there’s certainly friction within the banking sector, friction within the tech sector.”

Colorado’s unemployment rate rose slightly in February but remains under 3%, according to the Colorado Department of Labor and Employment.

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