Wyoming’s 1st Quarter 2016 economic report is out

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Cheyenne, Wyo. - The new economic summary report for Wyoming’s 1st Quarter 2016 is out and there’s some surprising information in it.

The report, from the State of Wyoming Economic Analysis Division shows Wyoming experienced a decline of 3.0 percent (or 8,680 jobs)in total employment in the first quarter of 2016 compared to one year earlier, the worst performance since the first quarter of 2009.

It goes on to say that based on sales and use tax collections, total taxable sales in the state amounted to $3.3 billion in the first quarter of 2016, a decrease of 24.5 percent from the first quarter of 2015. The scale of the contraction was close to the level experienced during the Great Recession. The report also says due to the reduction in energy activities caused by the dramatic downturn of both oil and natural gas prices, sales of equipment, supplies, and services, the mining sector experienced a year-over-year contraction of 55.1 percent for the first quarter of 2016, the steepest drop ever in Wyoming’s history.

To read the full report, head to http://eadiv.state.wy.us/wef/Economic_Summary1Q16.pdf