Serving the Big Horn Basin for over 100 years
Serving the Big Horn Basin for over 100 years
CASPER (AP) — The loss of thousands of energy industry jobs has sent Wyoming’s unemployment rate above the national average for the first time in more than a decade.
The Wyoming Department of Workforce Services reports the state’s unemployment rate jumped to 5 percent in February, compared to a national average of 4.9 percent. The last time Wyoming’s unemployment was above the national average was January 2000.
“We’re seeing that Wyoming’s economy is facing some challenges, and at the same time, the U.S. economy continues to grow,” states senior economist David Bullard said.
Federal data shows Wyoming has experienced the largest unemployment rate increase in the country in the last year. The rising rate comes as mining, oil and gas companies have shed thousands of jobs in the past year because of low prices for coal, oil and natural gas, and increasing federal regulation on fossil fuel use.
During the recession in 2009-2010, the unemployment rate ballooned to 7.2 percent statewide. This time around, the increase is directly tied to the energy downturn.
“It wouldn’t be surprising if energy prices stay low, and our unemployment rate increases,” Bullard told the Casper Star-Tribune. “Currently, the slowdown is affecting energy-dependent states while other areas are doing well. Particularly, our neighbors — Colorado, Utah, Idaho — the employment rate is growing there. People lose their jobs here and find jobs in neighboring states.”
February’s jobless rate in Wyoming is up from 4.7 percent in January and from 3.8 in February 2015. Seasonally adjusted employment of Wyoming residents declined from January to February by an estimated 1,953 individuals.
The counties with the biggest unemployment rates increases over the past year include Natrona, Campbell and Converse.
All three counties have significant energy extraction business.
Fremont County has the highest jobless rate in the state at 8.1 percent for February, followed by Natrona at 7.2 percent and Johnson at 7.0 percent. Teton County has the lowest rate at 3.0 percent, followed by Albany at 3.1 percent and Niobrara at 3.5 percent. Teton, Albany and Niobrara do not have major energy extraction industries.