Wyoming Wage & Salary Employment by Covered/Non-Covered Status
Total unemployment insurance (UI) covered payroll increased by $148.5 million (4.8%) in second quarter 2014. Employment rose by 4,562 jobs (1.6%) and average weekly wage increased by $26 (3.1%). In second quarter, employment (1.6% compared to 0.6%), total wages (4.8% compared to 3.2%), and average weekly wage (3.1% compared to 2.6%; see Table 1) all grew faster than their five year averages. In terms of dollars, UI covered payroll represents approximately 91.5% of all wage and salary disbursements and 43.8% of personal income in the state (U.S. Bureau of Economic Analysis, 2014). Analysts have noted that “minerals related employment is one of the key predictors of sales and use tax revenue” in Wyoming (CREG 2010).
Despite the recent growth, overall employment remained approximately 1,500 jobs (0.1%) below its second quarter 2008 level. It appears that the state is getting close to making up all the job losses of 2009 and 2010.
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The Recent Labor Market Downturn as a Natural Experiment
Research by R&P suggests that changing or implementing policies that target claimant personal characteristics is unlikely to affect the number of benefit weeks claimed in subsequent UI claims. Most of the variation in the duration was due to macro- and micro-economic conditions such as the local unemployment rate and when the claimant was unemployed. Employment histories were also not significant predictors of future weeks of UI benefit claims.
The hire rate for construction was 24.7%, the highest hire rate for this industry since 1997Q2. Updated historical data with charts can be found at http://doe.state.wy.us/LMI/turnover.htm..
by: Tony Glover, Workforce Information Supervisor
Wage Records Quarterly Update
The number of new persons not previously found working in Wyoming increased 7.8% from 2013Q3. This was the first over-the-year increase during the third quarter since 2011Q3.
U.S. and Wyoming Seasonally Adjusted Unemployment Rate
Wyoming’s seasonally adjusted unemployment rate fell from 4.7% in October to 4.5% in November (not a statistically significant change). Wyoming’s unemployment rate was unchanged from its November 2013 level of 4.5%, and significantly lower than the current U.S. unemployment rate of 5.8%. Seasonally adjusted employment of Wyoming residents increased slightly, rising by an estimated 670 individuals (0.2%) from October to November.