Economists and government officials use the unemployment rate in order to calculate the amount of individuals who are unemployed within the work force. The way the jobless rate is calculated is by dividing the number of unemployed workers into the total number of employed and unemployed workers and multiplying that number by 100. This unemployment rate then becomes representative for that state until new data is calculated the next month. The reason why the jobless rate is so important to analyze is because it is a direct indicator of how the economy is doing. It is also an important factor for extensions of the state’s unemployment insurance program. The less people who are unemployed within a state, the more they will contribute to the economy. The jobless rate classifies an individual as unemployed as long as they are at least 16 years of age and actively seeking a job. Those who do not fall under the unemployed umbrella are individuals who abandon the job search, are temporarily employed, retire, work part-time or decided to pursue education instead. An unemployed individual must also be willing and able to work if presented with an opportunity for employment.
What is the unemployment rate in Wyoming currently? As of May 2017, the unemployment rate in Wyoming was at 4.1 percent, which is slightly lower than the national jobless rate of 4.3 percent. The Wyoming Department of Workforce Services claimed that the jobless rate fell 0.2 percent from the April rate of 4.3 percent, crediting the fact that the labor force in the state had 3,000 fewer individuals than this time last year. While the unemployment rate in Wyoming does reflect positive numbers in terms of a decline, the drop in unemployed workers in Wyoming looking for employment may be due to moving out of state or simply abandoning their job search.
Unemployment in Wyoming is still an issue and for those who struggle, unemployment benefits may be of interest. The state of Wyoming offers unemployment insurance benefits for those who fit the eligibility criteria. Once approved, individuals can start receiving benefits while they still look for employment.