Colorado employers ramped up hiring in August, even as concerns mounted that rising interest rates could push the U.S. economy into a recession.
Employers in the state added an estimated 12,400 nonfarm jobs between July and August, with gains of 14,500 jobs in the private sector offsetting a loss of 2,100 jobs in the public sector, according to a monthly update from the Colorado Department of Labor and Employment.
That represented a strong acceleration in hiring from July, when a revised 1,900 jobs, rather than the 2,200 jobs initially estimated, were added from June. Broomfield economist Gary Horvath said after hiring slowed in July, he was worried about what the August report would show. “I did a double take when I saw that Colorado added 12,400 jobs in August. It is difficult to believe the state added that many jobs, given the tight job market, elevated inflation, rising interest rates and other headwinds,” Horvath said in an email.
Gains were strong across almost every sector except finance, natural resources and government. Educational and health services added 3,600 jobs month-over-month; leisure and hospitality added 3,200; professional and business services added 2,900; trade, transportation and utilities added 2,100 jobs, with retail alone adding 1,300 of those. Manufacturers added 2,100 jobs and the construction sector added 1,300 jobs.
Ryan Gedney, principal labor economist at the CDLE, said the state has experienced alternating hot and cold months when it comes to hiring since 2020 for reasons that aren’t entirely clear.
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