Colorado can still boast having a strong economy, but the state isn’t the bustling job creator it once was, according to two new reports.
The state is down shifting the pace it’s adding positions. The year-over-year growth rate for the state is at its lowest since September 2012, according to the Quarterly Business and Economic Indicators Report released Thursday.
Another economic report released Friday shows Colorado’s unemployment rate inched up last month.
Colorado added 9,030 unemployed workers in June, pushing the unemployment rate from 3.3 percent in May to 3.7 percent last month, according to the new jobs report.
Colorado is still performing better than the nation overall and economists expect to finish the year on a positive note.
“Even though the state economy is showing a more modest growth rate, we are encouraged by both the year-over-year job growth and the performance of 10 of the 11 industry sectors,” University of Colorado Boulder economist Richard Wobbekind said in a statement.
Every sector is experiencing growth except for natural resources and mining. Low oil and gas prices, as well as a decrease in demand for Colorado coal, are likely the leading causes for the decline in this industry, Thursday’s report states.