Employment

Unemployment Rate

What:  The unemployment rate measures the percent of people who are jobless, looking for a job, and available for work as a percent of the labor force. 

Why: The unemployment rate is an indicator of access to economic opportunity. High unemployment represents a loss of jobs and a loss of income, which impacts economic self-sufficiency and influences consumer expenditures.

Labor Force

What: The labor force consists of the employed (people with jobs) and the unemployed (people who are jobless, looking for a job, and available for work). 

Why: Changes in the labor force can measure workers’ desire and ability to work. During normal years, the labor force is fairly stable. However, during this pandemic, workers not only face increased uncertainty about their prospects of finding but also must consider factors such as health risk, vulnerability, and childcare when deciding whether or not to participate in the labor force.

Unique Job Postings

What: The job postings in this dataset are those considered to be unique and “active,” meaning they are currently available online and are open for applications.  

Why: Job postings are a leading indicator of emerging labor market trends. They are a measure of recruitment marketing by employers purportedly looking to fill job vacancies. Higher levels of job posting activity can be indicative of heightened hiring activity in a labor market and vice versa.   

Nonfarm Employment: Total and by Select Industry

What: Total nonfarm employment is a measurement of the total number of workers. These estimates are provided monthly based on a national survey of businesses and government agencies.  

Why: This measure of employment is based on the place of work and provides insights into employment levels at employers based in Larimer and Weld Counties.   

Average Hourly Earnings

What: Average hourly earnings are collected as "gross" earnings per the average hours for which pay was received. Earnings include overtime and regular bonuses, but not benefits, irregular bonuses, or retroactive pay. 

Why: They reflect changes in basic hourly and incentive wage rates as well as premium pay. They also reflect shifts in the number of employees between relatively high-paid and low-paid work.