Tuesday, August 2, 2016

Piute County Economic Update

Piute County’s economic indicators portrayed another difficult quarter. Nonfarm jobs took another hit in first quarter 2016 and not surprisingly, unemployment trended upward. Fortunately, given the local employment contraction, many workers have found employment outside the county’s boundaries. A decline in gross taxable sales rounded out this rather disappointing beginning to 2016.

  • Piute County showed a 9-job, 4-percent year-over decline in nonfarm employment for March 2016. 
  • Job losses in leisure/hospitality services accounted for much of the decline with no major industry producing a noteworthy employment increase.
  • After declining for most of 2015, Piute County’s unemployment rate is once again on the rise. 
  • In June 2016, the unemployment rate estimate for Piute County measured 6.8 percent, almost 3 percentage points higher than the statewide average (4.0 percent). 
  • Yet, new unemployment insurance claims remain low with most claims so far this year originating in construction. 
  • The county’s average monthly nonfarm wage continued to edge upward despite employment shrinkage. 
  • In fact, between the first quarters of 2015 and 2016, the average wage increased by 8 percent. 
  • Current construction data is not available for Piute County. 
  • Between the first quarters of 2015 and 2016, Piute County’s gross taxable sales dropped by roughly 2 percent. 
  • Most retail sectors experienced declining sales.