Gazette: CO Springs Area Unemployment Falls to 9.3 Percent

Published by The Gazette | Oct 30 2012 | Written by Wayne Heilman

The unemployment rate in the Colorado Springs area fell in September from the previous month by the largest amount in more than a decade, but only because nearly 1,500 people left the job market, according to data released Tuesday by the U.S. Bureau of Labor Statistics.

The local unemployment declined to 9.3 percent last month from 9.6 percent in August, the second consecutive month-to-month drop, but remained above the 9.1 percent rate in September 2011. The number of people working or actively looking for work fell to the lowest point in more than seven years, while the number holding jobs dropped to the lowest point in eight years. The area's jobless rate has remained between 8.9 percent and 9.9 percent since April 2009.

Tom Binnings, a senior partner with Summit Economics LLC, speculated that the declining number of people working and seeking employment may reflect older baby boomers retiring.

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