The Spring 2006 Denver Metro Job Vacancy Survey (JVS) was conducted from April 14th through June 27th, 2006. The goal of the survey is to provide current information on the demand for workers and these were the findings:
According to the monthly survey of Colorado businesses nonfarm wage and salary employment decreased 10,400 during July to 2,282,600. The decline was less than normal for the month as eight sectors added workers and three trimmed payrolls. Nonagricultural employment has risen 2.0 percent over the past twelve months.
Cutbacks were typical for July, with seasonal declines in education driving large losses in government. With school out for the summer, government shed 16,400 employees and education and health services lost 1,800. Other services experienced its first decline of 2006, edging down 400.
All remaining major industries in the State enjoyed employment growth. Leisure and hospitality, and construction saw expected summer increases of 4,000 and 1,600 jobs, respectively. Professional and business services also enjoyed a seasonal uptick of 1,200 and manufacturing added 600 positions. Natural resources and mining continued its strong growth with the addition of 400 new hires. Smaller gains were seen in the remaining sectors.
Hiring has been most active in professional and business services for the past year. The sector has been responsible for one-third or 14,700 of the 44,500 new jobs created since last July. Construction payrolls are up 6,300 while government has grown by 5,600 and trade, transportation and utilities has added 5,400. Natural resources and mining employment has expanded by 2,600 or almost 15 percent over the year, but the industry still makes up a small share of total nonfarm payrolls.
Colorados seasonally adjusted unemployment rate rose two-tenths of one percentage point to 4.7 percent in July, according to Rick Grice, Executive Director of the Colorado Department of Labor and Employment. Moderating job growth has pushed Colorados unemployment rate back up to the level recorded in January, noted Grice. Last year at this time the unemployment rate was 5.0 percent.
The seasonally adjusted estimate of the number of employed Colorado residents from the household survey retreated 15,400 over the month to 2,497,300. Total employment is now 3.2 percent higher than last Julys level of 2,421,000. The number of Coloradans unsuccessfully looking for work moved up 6,100 during the month to 123,800 but is still down from 128,700 a year ago.
The Bureau of Labor Statistics reported that the nations unemployment rate edged up two-tenths of one percentage point to 4.8 percent in July. Nonfarm payroll employment increased 113,000, continuing a slowing pattern which began in April. Employment growth was concentrated primarily in the service industries, with professional and business services adding 43,000. Leisure and hospitality increased 42,000 and health care was up 23,000..