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The Context of Wyoming’s Current Economic Downturn Presented by Tom Gallagher, R&P Manager

This presentation discusses the current economic downturn in Wyoming, with a focus on employment and wage trends in the mining sector. It also explores regional trends during economic downturns and compares Wyoming's previous and current economic downturns.

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The Context of Wyoming’s Current Economic Downturn Presented by Tom Gallagher, R&P Manager

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  1. Wyoming Department of Workforce Services Research & Planning The Context of Wyoming’s Current Economic DownturnPresented by Tom Gallagher, R&P Manager Wyoming Workforce Development Council, May 13, 2016

  2. Research & Planninghttp://doe.state.wy.us/LMI OUR ORGANIZATION: R&P is a separate, exclusively statistical entity. WHAT WE DO: R&P collects, analyzes, and publishes timely and accurate labor market information (LMI) meeting established statistical standards. OUR CUSTOMERS: LMI makes the labor market more efficient by providing the public and the public’s representatives with the basis for informed decision making.

  3. The Context of Wyoming’s Current Economic Downturn • Overview: Wyoming in 2015 and 2016 • Wyoming’s Mining Sector • Regional Trends During Wyoming’s Economic Downturns

  4. I. Overview: Wyoming in 2015 and 2016 • Employment and Wages • Employment and Wages by County • Natrona County • Sweetwater County • Unemployment Insurance Claims

  5. Wyoming Employment and Wages, 2014Q4 and 2015Q4 Figure 1: Average Monthly Employment and Total Wages for Wyoming, 2014Q4 and 2015Q4

  6. Wyoming Employment and Wages, 2005Q4 to 2015Q4 Figure 2: Over-the-Year Percentage Change in Total Wages and Average Monthly Employment Across All Industries in Wyoming, 2005Q4 to 2015Q4

  7. Wyoming Employment and Wages by County, 2005Q3 to 2015Q3 Figure 3: Average Monthly Employment and Total Wages in Wyoming by County, 2015Q3

  8. Natrona County Figure 4: Average Monthly Employment and Total Wages for Natrona County, 2014Q4 and 2015Q4

  9. Natrona County Table 1: Average Monthly Employment and Total Wages for Natrona County by Industry, 2014Q4 and 2015Q4

  10. Sweetwater County Figure 5: Average Monthly Employment and Total Wages for Sweetwater County, 2014Q4 and 2015Q4

  11. Sweetwater County Table 2: Average Monthly Employment and Total Wages for Sweetwater County by Industry, 2014Q4 and 2015Q4

  12. Initial Unemployment Insurance Claims, April 2006 to April 2016 Figure 6: Number of Initial Unemployment Insurance (UI) Claims Across All Industries in Wyoming , April 2006 to April 2016

  13. II. Wyoming’s Mining Sector • Employment and Wages • Hires and Exits • Unemployment Insurance Claims

  14. Mining Figure 7: Average Monthly Employment and Total Wages for Wyoming’s Mining Sector, 2014Q3 and 2015Q3

  15. Mining Hires and Exits in Wyoming, 2005Q3 to 2015Q3 Figure 8: Number of Hires and Exits in Wyoming’s Mining Sector, 2005Q3 to 2015Q3

  16. Initial Unemployment Insurance Claims in Mining, April 2006 to April 2016 Figure 9: Number of Initial Unemployment Insurance (UI) Claims in Natural Resources & Mining in Wyoming , April 2006 to April 2016

  17. III. Regional Trends During Wyoming’s Economic Downturns Wyoming’s Previous Economic Downturn: 2009Q1 to 2010Q1 • Preceded by U.S. Great Recession: December 2007 to June 2009 • Surrounding states and U.S. experienced contraction before Wyoming • Rise and collapse of coal bed methane Wyoming’s Current Economic Downturn: 2015Q2 to Present • U.S. and surrounding states experienced growth, especially Colorado and Utah • Declining prices of oil, natural gas, & coal • Reduction in demand for coal

  18. Regional Trends During Wyoming’s Economic Downturns Figure 10: Over-the-Year Percentage Change in Average Monthly Employment in Wyoming, Surrounding States, and the U.S., 2005Q3 to 2015Q3

  19. Regional Trends During Wyoming’s Economic Downturns Figure 11: Over-the-Year Percentage Change in Average Monthly Employment in Wyoming, Surrounding States, and the U.S., 2008Q2-2009Q2 and 2014Q3-2015Q3

  20. Questions? Tom Gallagher, Manager tom.gallagher@wyo.gov Research & Planning Wyoming Department of Workforce Services PO Box 2760 246 S. Center St. Casper, WY 82601(307) 473-3807 DWS-RESEARCHPLANNING@wyo.gov http://wyomingLMI.org

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