Wyoming Economic Report is Predictable
State Economist Wenlin Liu has published his quarterly review of the Wyoming economy. The results speak for themselves…
Wyoming experienced a decline of 2.8 percent (or 8,050 jobs) in total employment in the second quarter of 2016 compared to one year earlier, a smaller decrease than the previous quarter. Wyoming’s unemployment rate, climbed to 5.6 percent in the quarter, the highest since the fourth quarter of 2011, while in the U.S., it remained at 4.9 percent. Most industrial sectors in the state experienced job decreases during the period.
Wyoming’s total personal income declined 1.5 percent in the second quarter of 2016 from the previous year. U.S. personal income increased 3.2 percent during the same period.
The statewide home price continued to grow moderately in the second quarter of 2016, but at a slightly faster speed. The year-over-year appreciation rate of 2.7 percent was less than half of the national average pace of 5.6 percent during the same period.
SALES TAX REVENUE
Based on sales and use tax collections, total taxable sales in the state amounted to $3.8 billion in the second quarter of 2016, a decrease of 16.6 percent from the second quarter of 2015.
COST OF LIVING
Overall, the inflation rate for Wyoming in this economic downturn is minus .6%.Interestingly, the only major sector of the economy that costs more than last year is Medical Care, which is up 4.3%.