Private-sector employers in the state failed to grow their payrolls in January, a disappointing start to the new year, but revisions show the state’s unemployment rate was much lower than first thought in 2022, according to a delayed labor update,
Private-sector employers in the state failed to grow their payrolls in January, a disappointing start to the new year, but revisions show the state’s unemployment rate was much lower than first thought in 2022, according to a delayed update from the Colorado Department of Labor and Employment.
“Weather could have been a factor in the lack of job growth. It was a cold and snowy January,” said Ryan Gedney, a senior economist with the CDLE, during a news call on Monday. “About half of the sectors posted declines, and there was weak job growth in most other sectors. The most notable areas of concern were financial activities and construction. These declines are likely, based on real GDP and employment data and the headwinds they are facing,” said Broomfield economist Gary Horvath, who described the January numbers as disappointing.
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