Unemployment Rate
Date posted: 02/25/2008
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Fort Collins/Loveland MSA, Colorado & the United States
The unemployment rate represents the number of unemployed persons as a percentage of the total labor force. The Department of Labor defines the unemployed as: People who were not employed during the reference week and were available for work (excluding temporary illness) and had made specific efforts to find employment during the 4-week period ending with the reference week. People waiting to be recalled to a job from which they had been laid off are not required to have been job searching to be classified as unemployed. Because the unemployment rate is calculated in this way, it is subject to fluctuations due to factors such as persons dropping out of the workforce to raise children, to attend school, or for various other reasons not directly related to the availability of jobs. These limitations should be kept in mind when reviewing unemployment figures. For more information about unemployment data, see the Bureau of Labor Statistic's Estimation Methodology.
Monthly national and Colorado unemployment data are reported as seasonally adjusted rates by the Bureau of Labor Statistics (BLS). All annual unemployment rates and the Fort Collins/Loveland Metropolitan Statistical Area (MSA) monthly unemployment rates are not seasonally adjusted. According to the BLS, seasonal adjustment is a statistical technique which eliminates the influences of weather, holidays, the opening and closing of schools, and other recurring seasonal events from economic time series. By eliminating seasonal fluctuations, it becomes easier to compare data from month to month. For a more complete description of seasonal adjustment and the methodology used to estimate seasonal adjustment factors, see Seasonal Adjustment - BLS.
What this chart shows: Monthly Unemployment Rate for the United States*, Colorado*, & Fort Collins/Loveland MSA, July 2006 to December 2007
*Seasonally adjusted
Data Source: Bureau of Labor Statistics
What these data tell us:
In general, the Fort Collins/Loveland MSA** had lower unemployment rates than both Colorado and the United States from July 2006 to December 2007.Unemployment in Colorado generally declined from July 2006 until June 2007, at which time the unemployment rate began rising nearly each month, ending at 4.5 at the end of 2007. The Colorado Department of Labor and Employment reported that the State's December 2006 unemployment rate was at its lowest level since August 2001. (Follow this link for the current press release: http://www.coworkforce.com/lmi/ali/currentpr.htm)
**The 'Fort Collins/Loveland MSA' is often used to represent statistical data for Larimer County.
What this chart shows: Annual Unemployment Rate for the United States, Colorado, and the Fort Collins/Loveland MSA*, 1998-2007
Data Source: Bureau of Labor Statistics
What these data tell us:
The Fort Collins/Loveland MSA* and Colorado annual unemployment rates mirrored each other from 1998 through 2007. Both remained below the national unemployment rate through 2002. During 2007, the average national unemployment rate was 4.6, while Colorado's unemployment rate during the same period averaged 3.8. The Fort Collins/Loveland MSA annual unemployment rate for 2007 was 3.4.
Unemployment rates should be interpreted cautiously, due to the manner in which they are calculated. Some unemployed persons are not included in the official count. An alternative unemployment measure (Bureau of Labor Statistics) that includes marginally attached workers is about 1% higher than the official unemployment rate. In 2005, Larimer County's official unemployment rate was 4.4 (7,180 unemployed); including marginally attached workers raises the unemployed count to an estimated 8,830 for a 5.4 unemployment rate.
For further information about alternative unemployment measures, see the Bureau of Labor Statistic's Monthly Labor Review.
*The 'Fort Collins/Loveland MSA' is often used to represent statistical data for Larimer County.
Additional Information:
Unemployment Insurance
Unemployment Insurance benefits are based on the wages paid to an individual during a prescribed base period and are available for up to 26 weeks (six months). To receive these benefits, an individual must meet eligibility requirements.
Alternative unemployment rates are unemployment measures that focus on different types of joblessness and incorporate different measures of labor resource underutilization:
U-1 Persons unemployed 15 weeks or longer, as a percent of the civilian labor force
U-2 Job losers and persons who completed temporary jobs, as a percent of the civilian labor force
U-3 Total unemployed persons, as a percent of the civilian labor force (official unemployment rate)
U-4 Total unemployed persons plus discouraged workers, as a percent of the civilian labor force plus discouraged workers
U-5 Total unemployed persons plus discouraged workers, plus all other 'marginally attached' workers, as a percent of the civilian labor force plus all other 'marginally attached' workers
U-6 Total unemployed persons plus all other 'marginally attached' workers, plus all persons employed part time for economic reasons, as a percent of the civilian labor force plus all other 'marginally attached' workers
- Discouraged workers: Persons not in the labor force who want and are available for a job and who have looked for work sometime in the past 12 months (or since the end of their last job if they held one within the past 12 months), but who are not currently looking because they believe there are no jobs available or there are none for which they would qualify.
- Marginally attached workers: Persons not in the labor force who want and are available for work, and who have looked for a job sometime in the prior 12 months (or since the end of their last job if they held one within the past 12 months), but were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey. Discouraged workers are a subset of the marginally attached.
- Employed part time for economic reasons: Persons employed part time for economic reasons are those who want and are available for full-time work but have had to settle for a part-time schedule.
On Compass -
- Adult Arrests
- Affordable Rental Costs
- Bankruptcy and Foreclosure
- Employment & Wages by Industry
- Food Stamps
- Home Ownership/Affordable Housing
- Homelessness
- Low Income Energy Assistance Program (LEAP)
- Median Family Income
- Poverty
- Reduced/Free School Lunch
- Residential Home Sales
- Self-Sufficient Wages
- Temporary Assistance to Needy Families (TANF)
Outside Compass -
- Bureau of Labor Statistics has information on economic issues, including: overall economy, inflation/ consumer prices, employment, earnings, worker safety, productivity, and career descriptions.
- Alternative measures of unemployment
- Employment status of the civilian population
- Historical data
- Local Area Unemployment Statistics' Frequently Asked Questions
- Colorado Department of Labor & Employment has information about state trends in job vacancies, wages, and other employment-related tools.
- Federal Poverty Guidelines
- United States Census also has information regarding economic indicators.
Standards or Targets: N/A
Data Tables:
|
United States* |
Colorado* |
Fort Collins/ Loveland MSA |
|
|
2004 July |
5.5 |
5.5 |
5.0 |
|
Aug |
5.4 |
5.5 |
4.8 |
|
Sep |
5.4 |
5.4 |
4.9 |
|
Oct |
5.5 |
5.4 |
4.9 |
|
Nov |
5.4 |
5.4 |
4.9 |
|
Dec |
5.4 |
5.4 |
5.2 |
|
2005 Jan |
5.2 |
5.2 |
4.6 |
|
Feb |
5.4 |
5.2 |
4.6 |
|
March |
5.1 |
5.2 |
4.8 |
|
April |
5.1 |
5.3 |
4.4 |
|
May |
5.1 |
5.2 |
4.2 |
|
June |
5.0 |
5.1 |
4.4 |
|
July |
5.0 |
5.0 |
4.4 |
|
Aug |
4.9 |
5.0 |
4.1 |
|
Sep |
5.1 |
5.0 |
4.2 |
|
Oct |
4.9 |
4.9 |
4.0 |
|
Nov |
5.0 |
4.8 |
4.3 |
|
Dec |
4.9 |
4.8 |
4.1 |
|
2006 Jan |
4.7 |
4.7 |
4.7 |
|
Feb |
4.8 |
4.3 |
4.4 |
|
March |
4.7 |
4.4 |
4.3 |
|
April |
4.7 |
4.4 |
3.9 |
|
May |
4.7 |
4.5 |
3.8 |
|
June |
4.6 |
4.4 |
4.2 |
|
July |
4.7 |
4.4 |
4.1 |
|
Aug |
4.7 |
4.4 |
3.8 |
|
Sep |
4.5 |
4.3 |
3.5 |
|
Oct |
4.4 |
4.2 |
3.3 |
|
Nov |
4.5 |
4.1 |
3.5 |
|
Dec |
4.4 |
4.0 |
3.5 |
|
2007 Jan |
4.6 |
4.1 |
4.2 |
|
Feb |
4.5 |
3.8 |
3.8 |
|
March |
4.4 |
3.6 |
3.6 |
|
April |
4.5 |
3.5 |
3.0 |
|
May |
4.5 |
3.6 |
2.9 |
|
June |
4.6 |
3.5 |
3.3 |
|
July |
4.7 |
3.8 |
3.3 |
|
Aug |
4.7 |
3.8 |
3.2 |
|
Sep |
4.7 |
3.9 |
3.2 |
|
Oct |
4.8 |
3.7 |
2.9 |
|
Nov |
4.7 |
4.1 |
3.4 |
|
Dec |
5.0 |
4.5 |
3.8 |
*Seasonally adjusted
|
Year |
United States |
Colorado |
Fort Collins/ Loveland MSA |
|
1993 |
6.9 |
5.3 |
4.5 |
|
1994 |
6.1 |
4.2 |
3.6 |
|
1995 |
5.6 |
4.2 |
3.9 |
|
1996 |
5.4 |
4.2 |
3.8 |
|
1997 |
4.9 |
3.4 |
3.3 |
|
1998 |
4.5 |
3.5 |
3.5 |
|
1999 |
4.2 |
3.0 |
3.2 |
|
2000 |
4.0 |
2.7 |
2.4 |
|
2001 |
4.7 |
3.8 |
3.1 |
|
2002 |
5.8 |
5.7 |
4.8 |
|
2003 |
6.0 |
6.1 |
5.3 |
|
2004 |
5.5 |
5.6 |
4.6 |
|
2005 |
5.1 |
5.0 |
4.4 |
|
2006 |
4.6 |
4.3 |
3.9 |
|
2007 |
4.6 |
3.8 |
3.4 |