The Colorado Springs area job market continued its explosive growth in October, adding more than 3,400 people to the labor force, cutting the unemployment rate to 3.9 percent from September’s 4 percent.
October was the third month this year that more than 3,000 people joined the job market, according to data released Thursday by the U.S. Bureau of Labor Statistics. More than 17,000 people have joined the area’s labor market in the past 12 months, a 5.1 percent growth rate, and 88 percent of them found jobs, according to the agency’s data.
Tatiana Bailey, director of the University of Colorado at Colorado Springs Economic Forum, said Colorado Springs and many other cities have been coping with a tight labor market, but the growth of the labor force “takes off some of that pressure.”
She said the Springs has a greater capacity to expand its job market because a smaller percentage of its population is in the labor market than the rest of the nation.
While the unemployment rate is up from 3.5 percent in October 2017, it still remains below 4 percent, a rate reached only in the past two years and between 1999 and 2001, according to records dating to 1990.
Unemployment rates in Boulder and Denver also edged lower in October to 2.9 percent and 3.2 percent, respectively, while jobless rates in Fort Collins, Grand Junction, Greeley and Pueblo remained unchanged, with Fort Collins the lowest at 2.9 percent and Pueblo the highest at 5 percent.
Colorado’s unemployment rate rose in October to 3.2 percent from 3.1 percent in September.