Casper Economic Index Lowest in 15+ Years
A report from the Wyoming Economic Analysis Division indicates that Casper's economy is performing as poorly as it has since economists implemented such a scale in 2005.
Casper's economic health index for May was 95.9, with 100 representing the baseline.
The economic health index is calculated by combining county-level indicators of monthly unemployment, monthly total non-farm employment, monthly sales and use tax collections and the monthly median home sale price. Those figures are seasonally adjusted.
The unemployment rate in Natrona County in May was 11.7%, which was a decrease from 12.6% the month before.
However, in May last year, Natrona County's unemployment rate was a mere 3.7%.
Additionally, Casper saw a decrease in 3,800 jobs compared to the same time last year.
Economists say business shutdowns due to the COVID-19 pandemic are largely to blame for the drop off in jobs.
KEEP READING: See states hit hardest by COVID-19’s impact on tourism