Tuesday, April 28, 2015

Piute County Economic Update

An upwelling in public sector employment during fourth quarter 2014 propelled Piute County into positive nonfarm job-growth territory for only the second time since the end of the recession. The additional jobs provide a respite from the almost steady stream of job loss that has afflicted the county over the past several years. However, several quarters of improvement will be necessary to signal a recovering economy. Indeed, joblessness has edged upward during recent months and measures above desirable levels. Strong sales performance provides the best economic news for the county.

  • In the final month of 2014, Piute County showed a 9-job, 4-percent year-over gain in nonfarm employment. 
  • Local government accounted for almost all the county’s additional jobs and offset a notable decline in leisure/hospitality services employment. 
  • In March 2015, Piute County’s unemployment rate measured 6.4 percent. 
  • After an uptick in late 2014, joblessness has subsided slightly. 
  • In the first few months of 2015, Piute County’s initial claims for unemployment insurance followed a low seasonal pattern. 
  • Between the fourth quarters of 2013 and 2014, Piute County’s gross taxable sales increased by a whopping29 percent. 
  • Most of the sales improvement resulted from business investment spending and an adjustment for a previous quarter. Nevertheless, retail trade and leisure/hospitality services showed moderate sales increases. 
  • During 2014, Piute County showed the highest rate of population decline (2.6 percent) in Utah. 
  • Between 2010 and 2014, Piute County’s population has decreased by more than 70 persons as out-migration continued to plague the area.