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Tuesday, December 1, 2015

See Over 1200 Jobs Added in Metro Denver Colorado

Metro Denver added 12,800 more jobs in the first half of the year than earlier surveys showed. 

Colorado Department of Labor and Employment released the second quarter 2015 Quarterly Census of Employment and Wages results today. Enlarge

Business services jobs were among the sectors where Colorado job numbers were revised up more
Digital Vision.

The report shows there were more jobs added across the state and in Denver than originally reported in the monthly job surveys. The revised numbers bring over-the-year payroll job growth through October 2015 to 52,100 jobs added and a growth rate of 2.1 percent.

Colorado's Chief Economist Alexandra Hall said the monthly reports showed the correct upward trend, it's just that the level was slightly off, she said.

For example, the monthly job surveys showed the metro Denver area added 9,400 jobs in first six months of the year. But those numbers are now revised up to 22,200 jobs.

That is a big significant upward revision, she said. The growth rate is 3.9 percent a full percentage point above the state. (Metro) Denver has been consistently above the state growth rate.

Denver's job count has consistently been revised up each quarter since this new method of reporting started in 2013. Every month, the Colorado Department of Labor and Employment and the U.S. Bureau of Labor Statistics release job estimates of nonfarm payroll jobs based on results of a survey of business establishments.

In February the estimates are compared and adjusted in a fairly new process called benchmarking based on administrative records unemployment insurance reports. Those results are released in March.

Overall, the state is seeing a slower growth rate than the previous year, but it still is going up, she said.

Even with job losses in the mining sector and with the loss of jobs in oil and gas, Colorado and metro Denver showed job increases.

Residential construction is where they are picking up there is a lot of pressure in the market to get that available inventory, Hall said.

Other sectors seem to be picking up any slack from the loss of oil and gas jobs. Manufacturing, for example, added 1,900 more jobs in the first half of the year,"which is a good positive sign," she said.

The report shows that the monthly reports had overestimated slightly the increases in mining and construction jobs. Those job numbers will be revised down.

But other sectors grew and will be adjusted up. For example, professional and business services added more jobs that first reported. Trade, transportation and utilities, for example, added significantly more jobs about 5,000 than originally reported, she said. Monica Mendoza covers banking and financial services, legal services, the economy and economic development, and sports business and contributes to the"Finance & Law" blog. Phone: 303-803-9230. See jobs in Denver Colorado

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