Sep 19, 3:34 PM EDT

Colorado loses 700 jobs but unemployment rate dips

DENVER (AP) -- State officials say Colorado lost 700 jobs in August but the unemployment rate dropped as the labor force shrank.

The Colorado Department of Labor and Employment said Friday all the losses came in private sector payroll jobs.

The unemployment rate fell from 5.3 percent in July to 5.1 percent in August. The labor force declined by 3,700.

Colorado had 33 consecutive months of job gains until August.

The 5.1 percent unemployment rate is the lowest since September 2008.

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