© Copyright 2007 by the Wyoming Department of Employment, Research & Planning
Vol. 44 No. 3
According to the latest Wage Records Summary Statistics, the total payroll and number of persons working in firms covered by Unemployment Insurance have risen dramatically since 2005. Both total wages and the number of new workers increased substantially between first quarter 2005 and second quarter 2006.
By law, each employer who has employees covered by Unemployment Insurance must submit tax reports to the state showing each employee’s wage. The reports compose the Wage Records database. These data show a dramatic rise in total payroll and the number of persons covered by Unemployment Insurance in Wyoming.
Wyoming’s recent economic growth can be seen in the Unemployment Insurance Wage Records summary information, in addition to other indicators such as the Nonagricultural Wage and Salary Employment. Starting in third quarter 2005, the annual change in total wages (the sum of all wages paid) increased rapidly (see Figure 1). The greatest changes in annual wages occurred in first and second quarter 2006, with values of 15.4% and 15.7%, respectively (see Table, Part 1 and Part 2). The number of total wage records as well as the number of individuals (social security numbers) increased at a fairly steady rate from first quarter 2005 to third quarter 2006 (see Figure 2). Annual change in total wage records was lowest at the start of 2005 (3.5%) and highest at the start of 2006 (5.1%). Similarly, annual change in the total number of individuals appearing in Wage Records was lowest in first quarter 2005 (2.7%) and highest in both first and second quarter 2006 (4.8%).
The most striking observation about the Wage Records Summary Statistics is the dramatic increase in the number of new workers. Until fourth quarter 2005, the annual percent change in new individuals to the labor force remained fairly low. In fact, the percentage declined in first quarter 2005 (-8.4%). However, at the end of 2005 the percentage jumped from 5.4% in third quarter to 16.4% in fourth quarter. The percentage rose again in first quarter 2006 before declining back to 16.7% in second quarter. The increases are in line with the influx of workers from other states to help fill the labor shortage in Wyoming.
Data from third quarter 2006 indicate similar trends although the annual change values are lower than those seen in previous quarters. These values are expected to increase as additional tax forms are processed.
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by Phil Ellsworth.