Recent jobs numbers reflect what many Wyoming employers already know – large job losses have hit the state, pushing down wages and possible tax revenues. Our look at the practical implications of this job environment should help you expect the best while preparing for the worst.
First Quarter Jobs Numbers
The numbers are rather grim. According to a November report from the Research & Planning section of the Wyoming Department of Workforce Services (DWS), 9,367 jobs were lost in Wyoming from first quarter 2015 to first quarter 2016. The average monthly employment numbers decreased from 277,691 in the first quarter of 2015 to 268,324 in the same quarter of 2016, reflecting a 3.4% drop statewide.
The largest job losses occurred in the mining sector, which includes oil and gas extraction jobs, which saw a 23% loss of jobs from the first quarter 2015 to 2016. The next highest loss was in transportation and warehousing with a 9.4% decrease, followed by company management which experienced an 8% decrease.
The decline in the total unemployment insurance (UI) covered payroll for the same period was $243.5 million, or a 7.6% drop. Average weekly wages for private sector jobs was down from $890 to $834, a drop of 6.3% which means workers received an average of $56 less in their paychecks each week.
Second Quarter Numbers Continue To Fall
In its preliminary data for the second quarter (April through June), Wyoming employment continued to decline from 2015 to 2016 by approximately 10,500 jobs, or 3.7%. Approximately 5,500 of those job losses were in the mining/oil and gas sector, with about 1,700 jobs lost in construction, and another 1,100 job losses in transportation and warehousing.
Not All Bad News
In its county-by-county breakdown, the DWS reported that employment rose in seven Wyoming counties and total payroll increased in eight counties for the first quarter comparison. Teton County saw a 3.7% increase in jobs while employment in Lincoln County grew by 3.4%. Other counties that experienced a modest increase in jobs year over year were Albany, Crook, Niobrara, Sheridan, and Weston.
Practical Effects Of Declining Job Numbers
Job statistics can provide an interesting and telling view of the overall health of the state’s economy. But more than that, the numbers suggest that many Wyoming employers have faced, or soon may face, difficult decisions about whether to layoff or terminate workers. Read more