Wyoming Unemployment Rate Drops For Third Straight Month
Wyoming's unemployment rate dropped to 5.1 percent in October from a (revised) September jobless rate of 5.4 percent.
Senior Economist David Bullard says the decline marks the third consecutive month of decreasing unemployment in Wyoming. He also says the state's rig count has improved from seven in June to about 17 more recently.
But even with the apparent improvement in the economy, Bullard says it's hard to say what will happen with the economy over the next few months.
The October decline was sparked by decreased unemployment in the two counties that have been hit hardest by state's economic downturn. Campbell County's unemployment rate fell from 6.9 percent to 6.3 percent, while Natrona County saw unemployment fall from 6.6 percent to 6.3 percent between September and October.
Despite the declines, the two counties still had the highest jobless rates in the state last month, which reflects the fact that their economies are heavily dependent on the energy industries at a time when energy prices remain low.
Laramie County, with the state's largest population, saw its jobless rate increase slightly to 3.8 percent in October from 3.7 percent the month before.
In a year-over-year comparison, the state unemployment rate rose almost a percentage point from the 4.3 percent jobless rate recorded in October of 2015 to last month. The report says the state has lost a total of 10,500 jobs (3.6 percent) over that period.