Statewide Decline in Unemployment
The Wyoming Department of Workforce Services revealed today that the state’s seasonally adjusted unemployment rate has seen a dip from 3.0% in July to 2.9% in August 2023. Notably, this rate is now considerably lower than the national average of 3.8% and shows a significant improvement from August 2022’s 3.7%.
Over the last month, most of Wyoming’s counties maintained stable unemployment rates. However, Washakie, Sweetwater, Goshen, and Albany counties emerged as the standouts with the largest drops in unemployment. On the flip side, Niobrara County saw its unemployment rate increase slightly from July to August.
Year-on-Year Improvements
When comparing August 2022 to August 2023, every county in Wyoming reported decreasing unemployment rates, signaling a solid strengthening in the state’s labor market. Leading the way were Crook, Washakie, Niobrara, and Carbon counties, each showing remarkable reductions in unemployment.
Spotlight on Teton County
Teton County reported an exceptionally low unemployment rate of 1.5% in August, making it the county with the best employment statistics in Wyoming. Converse, Niobrara, and Weston counties also had strong performances, each posting a rate of 2.2%.
Counties with Highest Unemployment
On the other end of the spectrum, Fremont County reported the highest unemployment rate at 3.3%. Big Horn and Sweetwater counties followed closely, each recording a rate of 3.2%.
Growth in Nonfarm Employment
Wyoming also celebrated positive growth in the job sector. The state reported an addition of 8,300 nonfarm jobs from August 2022 to August 2023, marking a 2.9% increase.
Upcoming Data Release
September’s unemployment statistics will be released on October 23, 2023.
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