Wyoming's Economy Remains Strong During 2001

Wyoming's Economy Remains Strong During 2001

by: Nancy Brennan, David Bullard, Valerie A. Davis, Brad Payne, Krista R. Shinkle, and Sherry Wen

Table 1 contains annual average data for the Current Employment Statistics (CPS) population, labor force, establishment jobs, unemployed individuals, and annual Unemployment Insurance (UI) recipients. The estimated percentage changes for the period 2000 to 2001 are respectable considering the phenomenal activity for the period 1999 to 2000. Between 1999 and 2000, the labor force increased 1.8 percent, the number of jobs worked rose 2.7 percent, the number of unemployed decreased by 18.1 percent, and the number of UI recipients fell by 6.8 percent. The percent changes between 2000 and 2001 are equally as promising in the face of an economic downturn. Between 2000 and 2001, the labor force increased 1.2 percent, the number of jobs worked rose 2.8 percent, the number of unemployed decreased by 1.0 percent, and the number of UI recipients fell by 3.5 percent.

Figure 1 illustrates the over-the-year percentage changes identified in Table 1.

Figure 2 illustrates tremendous economic growth in Wyoming for the period 1997 through 2000 followed by a leveling-off in 2001. Wyoming's employment-to-population ratio increased from 65.6 percent in 1997 to 69.3 percent in 2001. While this ratio has increased over time, the seasonally adjusted unemployment rate decreased from 5.1 percent in 1997 to 3.8 percent in 2001.

The over-the-year percentage change in Wyoming statewide covered employment and total wages for first and second quarters 2000 and 2001 increased slightly (see Table 2). Average monthly employment showed an over-the-year percentage change of 2.6 percent for first quarter and 2.7 percent for second quarter. Total wages for first quarter increased 6.2 percent between 2000 and 2001. Second quarter total wages increased 8.1 percent. For greater geographic detail of second quarter employment and wages, visit our website at < http://lmi.state.wy.us/toc_202.htm >.

The map identifies which states and regions have experienced the greatest changes in unemployment during the current recession. The states with the darkest shading indicate the largest increases in unemployment from October 2000 to 2001. As a whole, the U.S. had a seasonally adjusted unemployment rate of 3.9 in 2000 and 5.4 in 2001 for a difference of 1.5 percentage points. South Carolina's over-the-year increase of 2.3 percentage points was the highest in the nation. West Virginia's decrease of -1.1 percentage points was the nation's largest decrease in the seasonally adjusted unemployment rate. Wyoming posted no over-the-year change as the unemployment rate in both October 2000 and October 2001 was 3.8 percent. For a list of the current month's seasonally adjusted unemployment rates (by state and for the nation) as well the differences between the current rates and the rates from a year ago, please refer to the table, "State Unemployment Rates October 2001 (Seasonally Adjusted)." This table is updated monthly with the most current data and will provide the reader with a ranking of states according to monthly unemployment rates as well as a point of reference to compare over-the-year changes in the unemployment rates between states and the nation.

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