Colorado received good news today (3/18) when the Bureau of Labor Statistics released its benchmark revisions for 2012 employment. Overall 51,800 jobs were added, well above the 40,000 mark that the BLS reported in December 2012.
Growth was led by Accommodations and Food Services (AFS); Health Care; Professional, Scientific, and Technical Services (PST); B-to-B Services (Administrative and Waste Services), Employment Services, and Retail Trade.
The best news is that the PST sector added workers. This sector has many companies that are a critical part of the state’s advanced technologies cluster. Overall, this sector has many occupations that pay above the state average.
The growth of the B-to-B Services and Employment Services are indicators of an improvement in the business sector. Expansion in AFS, Retail, and Other Services sectors are an indication that consumer spending has improved. Unfortunately, each of these sectors have annual wages below the state average.
Only four sectors lost jobs. Three of the four were governmental sectors.
For additional details, see the “Review of the Colorado Economy – 2012”
Copyright 2011 by CBER.