{"id":25992,"date":"2024-08-24T13:00:00","date_gmt":"2024-08-24T19:00:00","guid":{"rendered":"https:\/\/dh.durangoherald.com\/tj\/data-shows-colorado-added-fewer-jobs-over-the-past-year-than-previously-reported\/"},"modified":"2024-08-24T19:00:00","modified_gmt":"2024-08-24T19:00:00","slug":"data-shows-colorado-added-fewer-jobs-over-the-past-year-than-previously-reported","status":"publish","type":"post","link":"https:\/\/dh.durangoherald.com\/tj\/data-shows-colorado-added-fewer-jobs-over-the-past-year-than-previously-reported\/","title":{"rendered":"Data shows Colorado added fewer jobs over the past year than previously reported"},"content":{"rendered":"

\"The
The inaugural \u201cHire Me Fair\u201d will be held from 8:30 a.m. to 1:30 p.m. May 1 at Bayfield High School. (David Zalubowski\/Associated Press file)<\/span><\/figcaption><\/figure>\n

The latest jobs numbers from the U.S. Bureau of Labor Statistics contain an unwelcome surprise for Coloradans.<\/p>\n

The data shows Colorado added 72,700 fewer jobs than previously reported during the 12-month period ended in March \u2013 that\u2019s nearly the number of seats at Empower Field at Mile High.<\/p>\n

The monthly payroll estimates aren\u2019t an exact science. The numbers often change as more complete information comes in. But this week\u2019s revision was unusually large. The data show the U.S. added 818,000 fewer jobs than previously thought, meaning the job market across the country is substantially weaker than earlier numbers suggested. Economists are watching employment statistics for signs U.S. regulators are risking a recession by taking too long to cut interest rates.<\/p>\n

The BLS regularly revises its monthly payroll estimates using the information it gets culled from state records tied to unemployment insurance. The updated numbers are still preliminary and won\u2019t be finalized until next year.<\/p>\n

Colorado had the biggest downward revision of any state by a wide margin. Missouri had the second-largest revision with 54,200 fewer jobs than initially reported.<\/p>\n

Colorado accounted for nearly 9% of total U.S. revisions, which is much more than would be expected given the size of the state\u2019s labor pool. Colorado represents less than 2% of the national labor force, according to Tim Wonhoff, a program manager for Colorado\u2019s office of labor market information. That means Colorado\u2019s share of total revisions should be about 16,000, Wonhoff said.<\/p>\n

\u201cColorado\u2019s revisions look higher than we would expect,\u201d Wonhoff said in an emailed statement. \u201cWe are investigating and working with national partners to understand the estimate and dig into potential root cause factors.\u201d<\/p>\n

Colorado\u2019s labor department has been dealing with errors in its jobs data since last year. An overhaul of the unemployment insurance system introduced mistakes in data collection, making it difficult to get a complete picture of what\u2019s really happening with the state\u2019s job market.<\/p>\n

The problem is getting better, but the data is still incomplete. The state relies on businesses to report job gains and losses, but said outreach is needed to \u201censure employers are meeting timely and accurate reporting.\u201d The state labor department continues to \u201cdo manual estimations to address underreporting and late reporting,\u201d according to Wonhoff.<\/p>\n

Preliminary monthly data shows Colorado\u2019s annual job growth stood at 1.5% in July. If the newly updated data is accurate, Colorado\u2019s job market may actually be contracting.<\/p>\n

To read more stories from Colorado Public Radio, visit www.cpr.org<\/em><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

inaugural \u201cHire Me Fair\u201d will be held from 8:30 a.m. to 1:30 p.m. May 1 at Bayfield High School. (David Zalubowski\/Associated Press file) The latest jobs numbers from the U.S. Bureau of Labor Statistics contain an unwelcome surprise for Coloradans. The data shows Colorado added 72,700 fewer jobs than previously reported during the 12-month […]<\/p>\n","protected":false},"author":1,"featured_media":25993,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[431,120,1255,28],"naviga_topic":[],"class_list":["post-25992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-business-general","tag-colorado","tag-employment","tag-headlines"],"acf":[],"author_name":"dh_admin","_links":{"self":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/25992","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/comments?post=25992"}],"version-history":[{"count":0,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/25992\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/media\/25993"}],"wp:attachment":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/media?parent=25992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/categories?post=25992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/tags?post=25992"},{"taxonomy":"naviga_topic","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/naviga_topic?post=25992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}