Colorado's improving jobs picture is driven by the hospitality sector
Colorado's 2.5% unemployment rate at the start of 2020 tied for fourth lowest in the nation. In the first month of 2021, it is the 15th-highest at 6.6%, according to the latest numbers from the Colorado Department of Labor and Employment
Driving the news: Of the 32,000 new jobs created to start the year, two-thirds came from the hospitality and leisure sectors, the Denver Business Journal reports.
- The drop comes as Colorado eases capacity restrictions on restaurants and venues and it extends a continual decrease since April 2020.
What they're saying: "Colorado’s unemployment rate in 2020 is better than it was in the past two recessions," Ryan Gedney, a senior labor economist told reporters Monday.
The big picture: Colorado was among the states with the strictest pandemic-related shutdowns last year. Those moves likely saved lives, but crippled the state's strong labor market as businesses were forced to close.
This story first appeared in the Axios Denver newsletter, designed to help readers get smarter, faster on the most consequential news unfolding in their own backyard.
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