Sep 20, 2023 | News,Research & Planning
The Research & Planning section of the Wyoming Department of Workforce Services reported today that the state’s seasonally adjusted unemployment rate fell from 3.0% in July to 2.9% in August. Wyoming’s unemployment rate was much lower than its August 2022 level of 3.7% and lower than the current U.S. unemployment rate of 3.8%.
From July to August, most county unemployment rates remained fairly stable. The largest decreases were seen in Washakie (down from 3.2% to 2.9%), Sweetwater (down from 3.5% to 3.2%), Goshen (down from 2.7% to 2.4%), and Albany (down from 2.8% to 2.5%) counties. Niobrara County’s unemployment rate rose from 1.8% in July to 2.2% in August.
From August 2022 to August 2023, unemployment rates fell in every county, suggesting a continuing tightening in the state’s labor market. The largest decreases occurred in Crook (down from 4.0% to 2.3%), Washakie (down from 3.9% to 2.9%), Niobrara (down from 3.2% to 2.2%), and Carbon (down from 3.6% to 2.6%) counties.
Teton County, at 1.5%, had the lowest unemployment rate in August. It was followed by Converse, Niobrara, and Weston counties, each at 2.2%. The highest unemployment rates were found in Fremont County at 3.3%, and Big Horn and Sweetwater counties, each at 3.2%.
Total nonfarm employment in Wyoming (not seasonally adjusted and measured by place of work) rose from 290,200 in August 2022 to 298,500 in August 2023, an increase of 8,300 jobs (2.9%).
September unemployment data will be released on October 23, 2023.
by Rob Condie | Aug 31, 2023 | Biz Tips
There are many things you need to be aware of right away when launching a small business. One of those things you must know to be successful is the difference between the top five financial account subcategories. Having this knowledge will help you understand any reports pulled on the business and in turn, help you know what they mean to you as the owner of that business.
Many of the business owners I run across say that the biggest headache they have is bookkeeping, and most are new to these five subcategories so let’s break them down a bit:
- Revenue: Revenue is money coming into the business.
- Expenses: Expenses are transactions where money leaves the business.
- Assets: An asset is anything that has current or future economic value to a business.
- Liabilities: A liability is something that the business owes to someone else.
- Equity: Equity in accounting is the remaining value of an owner’s interest in a company after subtracting all liabilities from total assets.
Knowing the difference between revenues and expenses is pretty clear without much more background information and is critical for business functions, but knowing the difference between an asset and a liability is a little more complex and that knowledge can go a long way. The one that most people typically don’t know much about, or even where to find it, would be their equity in a business. Equity is the amount the owner or shareholders would get back if the business paid off all its debt and liquidated all its assets.
If you need more guidance on bookkeeping in general, these five subcategories, or just need assistance in getting your financial information under control, make an appointment with your Wyoming SBDC Network Advisor today. All of our advising staff has significant financial expertise and training resources available to share with you at any time.
Aug 3, 2023 | News,Research & Planning
The Research & Planning section of the Wyoming Department of Workforce Services reported today that from first quarter 2022 to first quarter 2023, total employment in the state rose by 6,337 jobs (2.4%) and total payroll increased by $386.8 million (10.7%).
Growth in jobs and payroll was broad-based both geographically and across different industries. Total payroll grew in 21 of the state’s 23 counties and employment grew in 19 counties.
Mining (including oil & gas) added the most jobs (1,259, or 8.0%) of any sector. However, substantial growth was seen in a long list of sectors, such as professional & business services (846 jobs, or 4.3%), local government (including public schools, colleges, & hospitals; 803 jobs, or 1.8%), leisure & hospitality (557 jobs, or 1.6%), construction (533 jobs, or 2.8%), manufacturing (516 jobs, or 5.3%), wholesale trade (350 jobs, or 4.7%), transportation & warehousing (310 jobs, or 3.2%), other services (309 jobs, or 4.6%), and health care & social assistance (291 jobs, or 1.1%). One of the few industries where employment fell was retail trade (-185 jobs, or –0.6%).
Natrona County added 1,459 jobs (4.0%) and its total payroll rose by $64.5 million (13.2%). Mining (including oil & gas) added nearly 400 jobs and substantial growth was reported in transportation & warehousing, real estate & rental & leasing, professional & technical services, wholesale trade, and manufacturing.
Campbell County’s employment grew by 1,124 jobs (4.8%) and its total payroll increased by $60.4 million (16.7%). The largest job growth occurred in mining (including oil & gas; nearly 500 jobs), local government (including public schools & colleges), wholesale trade, health care & social assistance, and construction.
Teton County gained 856 jobs (4.0%) and its total payroll rose by $46.3 million (10.7%). Accommodation & food services added approximately 400 jobs, and large growth was also seen in construction, retail trade, and local government.
Employment in Laramie County rose by 554 jobs (1.2%) and its total payroll grew by $48.9 million (7.9%). Strong job growth occurred in mining (including oil & gas), professional & technical services, accommodation & food services, and manufacturing. Employment fell in retail trade and transportation & warehousing.
Sweetwater County added 540 jobs (2.7%) and its total payroll increased by $56.4 million (18.7%). Solid job growth was seen in manufacturing, construction, and mining (including oil & gas).
Uinta County gained 403 jobs (5.2%) and its total payroll grew by $13.1 million (15.4%). Construction employment rose by approximately 200 jobs and smaller gains were seen in local government and accommodation & food services.
Carbon County lost 116 jobs (-1.9%) and its total payroll fell by $34.4 million (-29.2%). Modest job losses were reported in many different sectors, including mining, accommodation & food services, agriculture, and administrative & waste services.
Visit our website at https://doe.state.wy.us/LMI/23Q1_QCEW/toc.htm for detailed tables for each county.
Employment and wages data for second quarter 2023 are scheduled to be published on November 3, 2023.
Laramie, Wyo – As we announced last month, to celebrate the Wyoming Business Council’s 25th anniversary, we are highlighting a variety of innovative and groundbreaking businesses and individuals across the state in a new video series titled Breaking Through: Stories from Wyoming Pioneers. We are excited to share these engaging stories of business trailblazers that bridge Wyoming’s rich heritage with its bright future.
Our latest episode is available now, spotlighting Laramie, Wyoming-based Plenty, a pioneer in the controlled agriculture environment (CEA) industry. The video covers innovations born at the University of Wyoming that come to life on the high plains. Learn about the opportunity for cluster development and why the company is sticking to its roots and putting Wyoming on the map as a place for research and development and how state support can make Laramie the “Silicon Valley of Agriculture.”
Get to know the Plenty story and why they chose Wyoming to “grow” their business in Episode 2 of Breaking Through.
by Maureen Johnson | Aug 3, 2023 | Biz Tips
On July 1, 2023, Google made the switch from Universal Google Analytics to Google Analytics 4, and you may be wondering, what exactly is different about this version of analytics and why does it matter to my small business? Aside from changes in appearance when you log in to your analytics page, there are four key changes in Google Analytics 4 that can influence how you track and analyze your web data:
- Customized reporting: You can create custom report boards and track the things you need to know. While this means you can focus on the data that means the most to you, you will need to create the boards yourself. Google has created resources to help you through this process that can be found in their support section.
- Enhanced privacy measures for users: Viewer privacy is a top priority for Google Analytics 4. Users have more control over what data points are shared and where. There are more options for anonymity in data reporting than in Universal Google Analytics.
- Bounce rate calculation: In Universal Google Analytics, the bounce rate was calculated by the number of users who visited a page on your website and left without navigating anywhere else. Now, it is more common for a user to visit a page on a website and engage with that page only especially if your website offers articles or is a more blog-based website where single-page engagement is more common. Google Analytics 4 reflects this change in user behavior when calculating bounce rate.
- Event data trumps session data: Session-based data points track what a user does in a specific time frame on your website and was the main way data was tracked using Universal Google Analytics. Now, Google Analytics 4 focuses more on event-based data that tracks individual actions and events (ex. add to cart, transactions, registrations). This allows the analytics platform to focus more on mapping user behavior and gives business owners complex data to analyze to enhance user experience.
Google Analytics 4 is a more comprehensive approach to web analytics and offers users and account holders more control over their data. If you are new to analytics, be sure to explore Google’s suite of support articles, training materials, and FAQs. In addition to these available materials, reach out to your Wyoming SBDC Network advisor for one on one assistance and advising today!
About the Author: Maureen has held many roles in small businesses over the last decade including but not limited to: audio editor, copywriter, accounting assistant, marketing professional, event coordinator and even knitting instructor. She has lived in Wyoming for over seven years and is incredibly grateful to be able to assist the tenacious small business owners who make this state great. When she is not spreading the word about the Wyoming SBDC Network, you can find Maureen spending time with her family, quilting, knitting, and drinking copious amounts of coffee.
13 JUL 2023
Prosperity Calls continue to be a valuable resource to members of the Wyoming Economic Development Association (WEDA). Our monthly Prosperity Call brings together experts in economic development to discuss relevant topics and issues in Wyoming. During these calls, information can be provided on state resources, incentives available, new projects and programs relevant to community and legislative information.
WEDA OFFERS EXCLUSIVE BENEFITS FOR MEMBERS
New information about opportunities, funding, and projects comes in from all across the State. These monthly prosperity calls are the chance for members of WEDA to stay up-to-date on the happenings in economic development in Wyoming.
If you are a current WEDA member and need to access the registration for the next call, email [email protected]. If you are not a member and would like more information about the Prosperity Calls or membership, please reach out.
22 JUN 2023
News
One of the ways the Wyoming Economic Development Association (WEDA) supports the professional development of economic developers is by hosting conferences and sharing information about courses and classes to help work toward credentials and growing skills and knowledge. We understand that economic developers may not always have the funds to participate. Through our Professional Development Scholarship Program WEDA helps remove this barrier to education and growth.
Designed for professionals directly involved with the economic development efforts within their communities, the program helps by assisting with the training costs of our conferences. By providing scholarships, WEDA makes training and professional opportunities more accessible.
SCHOLARSHIPS AVAILABLE FOR WEDA MEMBERS
As a benefit of the WEDA membership, scholarships are available to members beginning three months after initial dues are paid to WEDA or to individuals who are added as representatives of an existing membership. Scholarships may cover training costs, tuition of registration fees and travel expenses. Learn more about WEDA and discover our other membership benefits.
by Maureen Johnson | Jun 28, 2023 | Success Stories
Sunshine Plant Co. is a bright, cozy plant shop in downtown Cheyenne, Wyoming. The shop’s interior is like a good friend’s living room– hip, classic, and welcoming. Specialty houseplants sit on bookcases and retro tables, and local products and gifts are around every corner.
Founders CylieAnn (Cylie) Erickson and Alexa Blooding launched Sunshine Plant Co. in 2022. Rather than having a wedding, they decided to start their dream business. “This shop is kind of like our child now,” said Alexa. Cylie’s background in greenhouse management and Alexa’s experience helping her mom launch her small business in her early 20s helped them gain the skills and drive necessary to build their own business venture.
At the advice of Alexa’s mom, a long-time Wyoming Small Business Development Center (SBDC) Network client, they reached out to Wyoming SBDC Network Regional Director, John Privette. John provided advice on their business plan, and within five months, they grew their initial idea into a brick-and-mortar store. Cylie and Alexa opened Sunshine Plant Co. in October 2022.
Since launching Sunshine Plant Co., Cylie and Alexa have received assistance with their Quickbooks software from Rob Condie, Regional Director and resident Quickbooks expert for the Wyoming SBDC Network. They also receive ongoing advising services from Christine Langley of the Wyoming Women’s Business Center and a Canva Pro subscription from the Community Navigator Pilot Program.
“The community welcomed us with open arms. They seemed excited to have something new to do in Cheyenne and somewhere warm to go during the winter months,” said Cylie. Business has been steady through the winter and spring months, and the founders look forward to seeing how the summer progresses.
Cylie and Alexa have built a stunning shop but continue to work hard to create a thriving community around their business. They host a Tipsy Tuesday plant and sip event at different breweries and bars around Cheyenne, a summer vendor market called the Sunshine Market, free plant swaps, and they are available for special events and parties.
At less than a year in business, the Sunshine Plant Co. founders have plans to grow their business beyond a physical retail shop. They are currently working through the process to trademark their name and logo and hope to expand into plant care services and online retailing.
To learn more about this rising small business, visit their Facebook Page or listen to the Wyoming SBDC Network Podcast episode featuring the founders. The Wyoming SBDC Network Podcast is available on Spotify, Google Podcasts, and Amazon Podcasts.
by Maureen Johnson | Jun 6, 2023 | Biz Tips
Strategic planning is crucial for small businesses to establish clear goals, allocate resources efficiently, and navigate a rapidly changing business landscape. Let’s explore different methods that small businesses can employ to enhance their strategic planning process and drive long-term success.
- A SWOT analysis helps small businesses identify internal strengths and weaknesses, as well as external opportunities and threats. By evaluating these factors, businesses can develop strategies that leverage strengths, mitigate weaknesses, capitalize on opportunities, and mitigate potential risks (Wheelen & Hunger, 2020).
- A PESTEL analysis assesses external macro-environmental factors such as political, economic, social, technological, environmental, and legal factors. Small businesses can use this method to identify industry trends, regulatory changes, and emerging technologies, enabling them to adapt their strategies to better align with the external environment (Johnson et al., 2017).
- The balanced scorecard framework aligns business objectives with key performance indicators (KPIs) across four perspectives: financial, customer, internal processes, and learning and growth. Small businesses can use this approach to measure performance, track progress, and ensure that strategic initiatives are balanced and aligned with overall goals (Kaplan & Norton, 2007).
- Scenario planning involves developing multiple plausible future scenarios to anticipate potential changes and uncertainties. Small businesses can use this method to identify alternative strategies and build resilience by considering different possible outcomes, allowing them to be better prepared for unexpected events or shifts in the market (Schoemaker, 2013).
By employing methods such as SWOT analysis, PESTEL analysis, balanced scorecard, or scenario planning, small businesses can gain valuable insights, align their strategies with market conditions, and position themselves for sustainable growth. These methods provide a structured framework for decision-making and enable businesses to make informed choices that maximize their competitive advantage and long-term success.
Implement these strategies today with your Wyoming SBDC Network advisor. Your advisor can help you analyze your business and implement new strategies in a way that works for you and your business.
References:
(ChatGPT, personal communication, May 15, 2023)
- Wheelen, T. L., & Hunger, J. D. (2020). Strategic management and business policy: Globalization, innovation, and sustainability (16th ed.). Pearson.
- Johnson, G., Scholes, K., & Whittington, R. (2017). Exploring strategy: Text and cases (11th ed.). Pearson.
- Kaplan, R. S., & Norton, D. P. (2007). Using the balanced scorecard as a strategic management system. Harvard Business Review.
- Schoemaker, P. J. H. (2013). Scenario planning: A tool for strategic thinking. MIT Sloan Management Review.
© Copyright 2023 by the Wyoming Department of Workforce Services, Research & Planning
The Research & Planning section of the Wyoming Department of Workforce Services reported today that the state’s seasonally adjusted unemployment rate fell from 3.5% in April to 3.3% in May. Wyoming’s unemployment rate has decreased in each of the past four months and is slightly lower than the current U.S. unemployment rate of 3.7%. Seasonally adjusted employment of Wyoming residents increased by 1,351 individuals (0.5%) from April to May.
Unemployment rates fell from April to May in every area of the state. Unemployment usually decreases in May as seasonal job gains occur in many different sectors, including construction, leisure & hospitality, professional & business services, government, and retail trade. The largest decreases in unemployment were found in Teton (down from 3.9% to 2.8%), Park (down from 3.5% to 2.5%), and Sublette (down from 3.9% to 3.0%) counties.
May unemployment rates were lower than a year ago in almost every county. Niobrara County was the exception; its unemployment rate was unchanged from May 2022. The largest decreases occurred in Teton (down from 3.8% to 2.8%), Natrona (down from 3.9% to 2.9%), Washakie (down from 4.0% to 3.1%), and Converse (down from 3.1% to 2.2%) counties.
Sweetwater County posted the highest unemployment rate in May, at 3.2%. It was followed by Fremont County and Washakie County, both at 3.1%. The lowest unemployment rates were found in Weston County at 1.9%, Niobrara County at 2.1%, Crook County at 2.2%, and Converse County at 2.2%.
Total nonfarm employment in Wyoming (not seasonally adjusted and measured by place of work) rose from 284,300 in May 2022 to 290,200 in May 2023, an increase of 5,900 jobs (2.1%).
June unemployment data will be released on July 24, 2023.
| Definitions: | |
| Employed | All persons who, during the reference week, did any work at all as paid employees, worked in their own business, profession, or on their own farm, or worked 15 hours or more as unpaid workers in a family business. |
| Unemployed | All persons who had no employment during the reference week, were available for work, and had made specific efforts to find employment sometime during the 4-week period ending with the reference week. |
| Labor Force | All persons who meet the criteria given above as either employed or unemployed. |
| Unemployment Rate | The number of unemployed as a percent of the labor force. |
| Seasonal Adjustment | A statistical procedure to remove the impact of normal regularly recurring events (such as weather, major holidays, and the opening and closing of schools) from economic time series to better understand changes in economic conditions from month to month. |
Note Regarding Tables 1-3 Below
Not seasonally adjusted data reflect the actual economic conditions in a given area for a given time period. These data show the normal seasonal changes that occur in the economy. Most county unemployment rates are higher in the winter months because of seasonal job losses in construction, leisure & hospitality, and many other sectors. Similarly, most county unemployment rates are lower in the summer months as employment increases across the economy. Data users should use caution when comparing not seasonally adjusted data for different months, as at least part of the difference between months may reflect normal seasonal patterns.
In contrast, seasonally adjusted data have been subjected to a statistical procedure to remove the effects of normal changes that occur in the economy each year, such as seasonal hiring in the construction sector, the opening and closing of schools, and holiday hiring by retail trade establishments. There is no expectation that seasonally adjusted unemployment rates will be higher or lower in any particular month, except as the economy expands or contracts. The value of seasonally adjusted data is that it is easy to identify longer-term trends in the data and valid comparisons can be made between any two months in the series.
Research & Planning works in cooperation with the Bureau of Labor Statistics to develop and publish unemployment rates for each county in Wyoming. However, these data are not seasonally adjusted and therefore reflect seasonal changes each month.
Table 1: Wyoming counties not seasonally adjusted unemployment
rates ranked from lowest to highest for May 2023
County Rate*
Weston County, WY 1.9
Niobrara County, WY 2.1
Converse County, WY 2.2
Crook County, WY 2.2
Albany County, WY 2.4
Goshen County, WY 2.4
Park County, WY 2.5
Platte County, WY 2.5
Sheridan County, WY 2.5
Campbell County, WY 2.6
Hot Springs County, WY 2.6
Carbon County, WY 2.7
Johnson County, WY 2.7
Wyoming 2.7
Laramie County, WY 2.8
Lincoln County, WY 2.8
Teton County, WY 2.8
Big Horn County, WY 2.9
Natrona County, WY 2.9
Sublette County, WY 3.0
Uinta County, WY 3.0
Fremont County, WY 3.1
Washakie County, WY 3.1
Sweetwater County, WY 3.2
*preliminary
Table 2: Wyoming counties not seasonally adjusted unemployment rates over-the-month rate
changes ranked from lowest to highest for May 2023
Month ago Over-the-Month
County rate Rate* Rate Change
Teton County, WY 3.9 2.8 -1.1
Park County, WY 3.5 2.5 -1.0
Sublette County, WY 3.9 3.0 -0.9
Carbon County, WY 3.5 2.7 -0.8
Fremont County, WY 3.9 3.1 -0.8
Johnson County, WY 3.5 2.7 -0.8
Platte County, WY 3.3 2.5 -0.8
Big Horn County, WY 3.6 2.9 -0.7
Lincoln County, WY 3.5 2.8 -0.7
Natrona County, WY 3.6 2.9 -0.7
Niobrara County, WY 2.8 2.1 -0.7
Washakie County, WY 3.8 3.1 -0.7
Sheridan County, WY 3.1 2.5 -0.6
Sweetwater County, WY 3.8 3.2 -0.6
Uinta County, WY 3.6 3.0 -0.6
Wyoming 3.3 2.7 -0.6
Campbell County, WY 3.0 2.6 -0.4
Converse County, WY 2.6 2.2 -0.4
Crook County, WY 2.6 2.2 -0.4
Goshen County, WY 2.8 2.4 -0.4
Laramie County, WY 3.2 2.8 -0.4
Hot Springs County, WY 2.9 2.6 -0.3
Weston County, WY 2.2 1.9 -0.3
Albany County, WY 2.6 2.4 -0.2
*preliminary
Table 3: Wyoming counties not seasonally adjusted unemployment rates over-the-year
changes ranked from lowest to highest for May 2023
Year ago Over-the-Year
County Rate Rate* Rate Change
Natrona County, WY 3.9 2.9 -1.0
Teton County, WY 3.8 2.8 -1.0
Converse County, WY 3.1 2.2 -0.9
Washakie County, WY 4.0 3.1 -0.9
Big Horn County, WY 3.7 2.9 -0.8
Campbell County, WY 3.4 2.6 -0.8
Sublette County, WY 3.8 3.0 -0.8
Park County, WY 3.2 2.5 -0.7
Wyoming 3.4 2.7 -0.7
Albany County, WY 3.0 2.4 -0.6
Fremont County, WY 3.7 3.1 -0.6
Laramie County, WY 3.4 2.8 -0.6
Lincoln County, WY 3.4 2.8 -0.6
Sweetwater County, WY 3.8 3.2 -0.6
Uinta County, WY 3.6 3.0 -0.6
Weston County, WY 2.5 1.9 -0.6
Carbon County, WY 3.2 2.7 -0.5
Platte County, WY 3.0 2.5 -0.5
Sheridan County, WY 3.0 2.5 -0.5
Crook County, WY 2.6 2.2 -0.4
Johnson County, WY 3.0 2.7 -0.3
Goshen County, WY 2.6 2.4 -0.2
Hot Springs County, WY 2.7 2.6 -0.1
Niobrara County, WY 2.1 2.1 0.0
*preliminary
| Wyoming Department of Workforce Services Research & Planning June 19, 2023 Contacts: David Bullard, Senior Economist, 307-473-3810 Carola Cowan, BLS Programs Supervisor, 307-473-3804 |
