Analysis of Performance
- The unemployment rate is defined by the Bureau of Labor Statistics (BLS) as the percentage of adults who do not have a job, have actively sought work in the last four weeks, and are currently able to work. The unemployment rate is a percentage of the labor force, the sum of the unemployed plus the employed. https://www.brookings.edu/blog...
- "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." NoCo Recovers Recovery Tracker
- "Unemployment continues to rise in the region as people join the labor force at a faster pace than jobs are added. This combined with a decline in postings per unemployed person signals a slight softening of a tight labor market." NoCo Recovers Recovery Tracker.
- Unemployment rates remain slightly above pre-Covid levels.
Local unemployment rate is the percentage of the total labor force that is unemployed but actively seeking employment and willing to work. This includes persons actively looking for work in the prior 4 weeks by contacting an employer directly, having a job interview, sending out resumes or filling out applications.
Why Is This Important?
The unemployment rate is a key top-line economic metric providing an overall understanding of economic activity in a community. This metric is commonly used as the primary indicator to measure the economic success and resiliency of a community.
City Organization Impact on Performance
Low – Although we have influence on local hiring activity, the City of Fort Collins does not control the local population change.
This metric contains state and national benchmark data to place Fort Collins' performance in context. While the City's target is 5% (which is generally considered full employment), these benchmarks allow identification of larger trends to analyze how statewide or national effects are impacting the City's performance.