Weld unemployment drops to 3.7 percent in July from 4.2 in June | MyWindsorNow.com

Weld unemployment drops to 3.7 percent in July from 4.2 in June

Bridgett Weaver
bweaver@greeleytribune.com

Weld County's unemployment rate fell half of a percentage point to 3.7 percent in July.

The unemployment rate was 4.2 in June, according to numbers released Friday by the state department of labor and employment.

The biggest job losses came in the service sector, which lost 1,100 jobs in July. However that sector has added 1,400 since July 2015. In the government sector, jobs fell by 1,000 in July but have risen by 400 over the year.

Total nonfarm jobs in Weld fell 800 from June to July, but the Greeley metropolitan statistical area — or Weld County — has seen the total number of nonfarm jobs rise by 2,300 from July last year.

Month to month statistics are considered volatile because they are not adjusted for seasonality, so year over year numbers are a more accepted outlook of an area's employment situation, experts say.

Economist Ryan Gedney said the Weld unemployment rate has stayed steady in recent months, despite losses in the oil and gas sector. This is likely because of Weld's varied economy and its proximity to other job markets, such as Fort Collins and Boulder, which are within an easy commute.

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"Fort Collins has been a pretty high-growth area, and I think it would make sense for them to absorb those Greeley losses," Gedney said.

The mining, logging and construction sector, which includes oil and gas as well as construction, added 200 jobs from June to July. That's the same number the sector has added in the past year.

Gendey said the gains in this sector are likely due to construction hires taking place this summer.

"I think it's probably safe to assume that's in construction and not necessarily mining," he said. "Some of these oil and gas workers are from out of state, and once they move out of state, they're kind of out of the sample."

The private sector added 200 jobs from June to July and 1,900 since last year. The goods producing sector added 300 jobs in July and 900 over the year.

Weld's unemployment rate dropped three-tenths of a percentage point compared to July 2015, when the unemployment rate was 4 percent.

According to the survey of households, the Colorado unemployment rate in July increased one-tenth of a percentage point to 3.8 percent.

The national unemployment rate remained unchanged from June to July at 4.9 percent, down from 5.3 percent in July 2015.

Unemployment

Rates for Colorado’s metropolitan statistical areas in July 2016 (not seasonally adjusted):

Metro area July 2016 June 2016

Boulder 3 percent 3.4 percent

Colorado Springs 4.2 percent 4.7 percent

Denver-Aurora-Lakewood 3.4 percent 3.8 percent

Fort Collins 3 percent 3.4 percent

Grand Junction 6 percent 6.6 percent

Greeley (Weld County) 3.7 percent 4.2 percent

Pueblo 5.5 percent 5.9 percent

Rates are established based on a survey of households. Unemployment rates are revised every quarter based on actual numbers reported to the state Department of Labor and Employment.

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