Colorado Unemployment Rates Rise to Highest Levels in Years

Here in Colorado, money has been getting tighter and tighter by the month for many people.

Get our free mobile app

Recently, it was found that Colorado is one of the hardest states to save money in the entire country. In a study done by Forbes Advisor, Colorado ranked as the 9th worst state to save money. 

Something that the study found that has been echoed by Coloradans is how much the average person spends on housing in the state.

On average, Coloradans spend 22.12% of their income on housing alone.

Many Coloradans are feeling this squeeze in particular, with a recent poll finding that housing prices is the thing that has most people in the state concerned. In fact, 89% of Coloradans believe it is an extreme or very serious problem.

However, a new statistic has come out that suggests that it may not be getting better for people anytime soon.

Colorado Has Worst Unemployment Rate in Two Years

Here in Colorado, it would appear fears about the employment of many people in the state are starting to come true.

In the month of July, the unemployment rate went up to 3.9% in Colorado, which Axios cites as being the highest mark in two years. 

In that same time span, the average hourly wages of employees only raised by 3.6% over the past year.

Across the country, unemployment has been an issue. From January to July, the unemployment rate has increased by 0.6%. It now sits at 4.3%. 

This has economists worried, given that such a spike in unemployment could signal a recession being imminent.

It May Not Be All That Bad Just Yet

The thing to keep in mind at this moment is that despite the unemployment rate being 3.9%, that’s not necessarily high. 

In fact, we have been in a relatively good era for low unemployment. The last time the unemployment rate was 4.0% or above was all the way back in 2015. 

The U.S. Federal Reserve Governor, Michelle Bowman, also said that people are not necessarily getting laid off either. It’s more of an issue with current hiring practices of companies.