Colorado's labor market, which has been under close watch in recent months, may see some stagnant growth in the near future.

According to senior labor economist Ryan Gedney, the state's unemployment rate increased to 3.2% in September, up from 3.1% in August and 2.8% in June. Despite this slight increase, he reminds us that this rate is still relatively low compared to pre-pandemic levels and consistent with last summer's rate.

In fact, Gedney predicts that the rate could be revised back below 3% once more data is evaluated. This trend is also reflecting in the national job market, as the unemployment rate remained flat at 3.8% in September.

However, some business leaders in Colorado are still concerned about the potential impact of rising interest rates, with the recent increase in mortgage rates reaching 8% for the first time since the mid-2000s. This could put downward pressure on the economy and potentially lead to weaknesses in the labor market in future data releases.

But it's not all doom and gloom for Colorado's economy. The government sector saw an increase in jobs last month, with 2,100 positions added due to the return of school and staff to work. The industry hit hardest by job losses was "other services," which saw a decrease of 2,600 jobs. However, Gedney believes this number could be revised lower.

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Colorado has emerged as a major hub for the cable industry, with the state ranking third for the largest number of cable workers in the U.S. Thousands of industry professionals attended the SCTE Cable-Tec Expo this week in Denver, highlighting the state's strong ties to the industry. This is reflected in the recent report by the NCTA-the Internet & Television Association, which found that Colorado cable providers directly employ over 59,000 people and contribute to the state's GDP.

When looking at specific regions within Colorado, Pueblo continues to have the highest unemployment rate at 4.3%, while Fort Collins is the only area with a rate below 3%. The Denver and Grand Junction regions have rates of 3.3%, and Colorado Springs and Greeley are at 3.4%.