Colorado Department of Labor and Employment issued the following announcement on Nov. 24.
Second quarter 2020 Quarterly Census of Employment and Wages (QCEW) results indicate Colorado total nonfarm payroll jobs estimates will be revised down for this period with the release of benchmarked estimates in March 2021. June 2020 estimates are expected to be revised down by about 33,900 nonfarm payroll jobs. April and May 2020 estimates are expected to be revised down by about 30,500 and 31,200 nonfarm payroll jobs, respectively.
Applying these results through October 2020 brings estimated total nonfarm payroll jobs in October to 2,654,200. This change brings over the year payroll job growth estimates through October 2020 to -152,800 or -5.4 percent.
The final March 2021 benchmarked series are expected to vary from these estimates due to new seasonal adjustment factors and new estimates of nonfarm payroll jobs not covered by the unemployment insurance program.
Industry sectors expected to undergo an upward revision to payroll jobs estimates in the 2nd quarter1 include trade, transportation, and utilities (~12,200), construction (~2,400), and other services (~1,800).
The industry sectors expected to undergo a downward revision to payroll jobs estimates are professional and business services (~15,900), leisure and hospitality (~12,100), government (~8,400), manufacturing (~5,100), mining and logging (~4,300), education and health services (~3,000), and financial activities (~1,300). Payroll jobs estimates for information may also be revised down.
Payroll jobs estimates for the Greeley (~6,500) Metropolitan Statistical Area are expected to be revised up in the 2nd quarter1. Estimates for the Pueblo Metropolitan Statistical Area may also be revised upward.
Total nonfarm payroll job estimates for the Denver (~29,200), Boulder (~6,400), Grand Junction (~3,000) Colorado Springs (~2,800), and Fort Collins (~1,800) Metropolitan Statistical Areas are expected be revised down.
Original source can be found here.
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