Local Area Unemployment Statistics for Third Quarter 2002

Local Area Unemployment Statistics for Third Quarter 2002

by: Brad Payne, Economist

During third quarter 2002, Local Area Unemployment Statistics (LAUS) employment decreased statewide by 551 jobs or 0.2 percent when compared to third quarter 2001 (see Table). Employment declined between third quarters 2001 and 2002, although employment grew 1.5 percent between third quarters 2000 and 2001. Similarly, the labor force decreased by 1,284 or 0.5 percent between third quarter 2001 and third quarter 2002 while unemployment decreased by 733 or 7.6 percent over the same time period. The 7.6 percent decrease in unemployment is in stark contrast to the 5.4 percent increase in unemployment between third quarters 2000 and 2001. Consequently, the unemployment rate during third quarter 2002 was 3.2 percent while the unemployment rate during third quarter 2001 was 3.5 percent.

Within Wyoming, the Central, Southeast, and Southwest regions experienced negative employment growth while the two northern regions posted positive over-the-year employment growth. Of the regions showing growth, the Northwest region recorded the highest rate of growth (0.6%) by adding 297 jobs. Employment growth in Fremont (251 jobs) and Park (433 jobs) counties offset employment losses in the remaining counties of the region.

The statewide decrease in unemployment was driven by the Northwest region where job losses decreased from third quarter 2001 to third quarter 2002 by 260 or 12.0 percent. Fremont County led the region with decreased unemployment of 125 or 12.2 percent. Fewer job losses were the result of large construction projects.

The most dramatic over-the-year decreases in the unemployment rates were found in Weston, Carbon, and Fremont counties. Weston County’s over-the-year change in the unemployment rate was 0.8 percent (down from 3.3% in third quarter 2001 to 2.5% in third quarter 2002). Carbon County’s unemployment rate decreased from 3.6 percent in third quarter 2001 to 2.9 percent in third quarter 2002 (a change of 0.7 percentage points). Fremont County’s unemployment rate decreased from 5.5 percent to 4.8 percent (a change of 0.7 percentage points). In Weston and Carbon counties, decreases in the labor force, number employed, and the number of unemployed contributed to the decline in the unemployment rate. In Fremont County, an increase in both the number employed and the labor force, and a decrease in the number of unemployed contributed to the decrease in the unemployment rate.

Platte, Sublette, and Lincoln counties were among only seven counties in Wyoming showing an increase in the quarterly unemployment rates. The unemployment rate rose from 3.3 percent to 3.7 percent in Platte County (a difference of 0.4 percentage points), 1.8 to 2.1 percent in Sublette County (a difference of 0.3 percentage points), and 4.3 to 4.5 percent in Lincoln County (a difference of 0.2 percentage points). While the increases in the unemployment rates for Platte and Lincoln counties were driven by increases in unemployment with corresponding decreases in the labor force, Sublette County’s unemployment rate increase was due to a 17.0 percent increase in unemployment and only 2.4 percent growth in the labor force.

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