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State Unemployment Rate Jumps To 5.7 Percent

Jobless Rate Highest In Nearly 5 Years

POSTED: 10:42 am MST November 21, 2008
UPDATED: 10:12 pm MST November 21, 2008

Colorado's unemployment rate jumped one-half percentage point to 5.7 percent in October, the highest in more than 4 1/2 years.

The state Department of Labor and Employment said Friday the state lost 10,000 jobs in October, with the biggest drops coming in the leisure and hospitality sector, followed by professional and business services and construction.

The number of government jobs increased by 5,500, all of them in education.

Donald J. Mares, executive director of the state labor department, said the deepening national downturn is biting Colorado.

"After exhibiting comparable strength during the first quarter of this year, Colorado appears to be succumbing to many of the economic pressures facing the nation and changes in the job market here mirrored those of the national economy in October," he said.

The last time Colorado's unemployment rate was this high was in March 2004.

About 2.6 million Coloradans had jobs last month, while 155,800 were looking for work but couldn't find it.

In October 2007, state unemployment was 3.9 percent. Since then, the number of Coloradans with jobs has fallen 25,300 while the number looking for work rose by 48,700.

Nationally, the October unemployment rate was 6.5 percent, up four-tenths of one percentage point.

On Monday morning, members of the Colorado legislature will hold a special committee meeting to look at ways the state can help spur job growth.

Rep. Terrance Carroll, of Denver, who is Speaker of the House-elect, called for the session. He told 7NEWS that while he is concerned about the job figures, he hopes Coloradans will remember that this state is better off than most. He warns against panic, which he said could make a bad situation worse.

Are you worried about job? Please leave your comments below.

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