Local Unemployment Rate
- Analysis of Performance
- Metric Definition
- Why Is This Important?
- City Organization Impact on Performance
- Benchmark Information
Analysis of Performance
The local unemployment rate at 5.4% is significantly below the State rate at 7.1%, and National rate at 7.3%. This quarter is the closest we have come to our target of 5% unemployment in many years.
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 genearlly considered full employment), these benchmarks allow identification of larger trends to analyze how statewide or national effects are impacting the City's performance.