Colorado's job market contracted slightly in July, reports The Colorado Springs Gazette.As a result, the state’s unemployment rate inched up to 3.8 percent.
In July, the number of people in the Colorado job market fell by over 4,000. That makes four consecutive months where the jobless numbers have edged higher. The unemployment rate is now at its highest level since July of last year. Despite the job losses, Colorado still has the nation's eighth-lowest unemployment rate, tied with Idaho. At 2.8 percent, South Dakota had the lowest unemployment rate in the United States.
While unemployment grew slightly, Colorado’s payroll numbers continue to expand, though at a slower rate than last year. So far this year, the state's payrolls have grown at a 2.7 percent rate. The numbers come courtesy of a report by the Colorado Department of Labor and Employment.
