Colorado's job picture weaker than previously known

By the numbers: The 2.5% decrease in Colorado's job picture in the year prior from March is the largest downgrade in any state, according to the Common Sense Institute, a business-backed organization that tracks employment.

The big picture: Nationwide, the economy added 818,000 fewer jobs than first reported, the largest revision since 2009. It reveals a labor market that has cooled more drastically than previously known.

What they're saying: "While these figures are still preliminary, they suggest that the overall level of employment in Colorado is much lower, given the slower growth through the revision period ending March 2024," said Kelly Caufield, CSI's executive director.

How it works: Revisions are common. The government compiles the monthly jobs report based on survey data. Then, it will update that data later on based on information from unemployment insurance tax records filed by each state.

The other side: The Polis administration cautions that the revisions don't equate to job losses, but provide a clearer picture of the job market.

• But Tim Wonhof at the Colorado Department of Labor and Employment, acknowledged the revisions are "higher than we could expect" and need further review.
• "Colorado's 'share' of the 818,000 announced revision would be expected to be about 16K, rather than the 72,700 announced," he said in a statement. "We are investigating and working with national partners to understand the estimate and dig into potential root cause factors."

The bottom line: Even before the downward revision, Colorado's employment situation began to falter.

• Unemployment in July rose to 3.9%, the highest rate in two years.