The Greater Cheyenne Chamber of Commerce host Economic Forecast presented by DAPCPA

Published: Oct. 17, 2020 at 8:14 PM CDT
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CHEYENNE, Wyo. (Wyoming News Now) - The Greater Cheyenne Chamber of Commerce hosted an Economic Forecast presented by the DAPCPA to discuss the climate of the economy the US and Wyoming is facing from the beginning of the pandemic, till now. Representatives from organizations such as the U.S. Chamber of Commerce, Wyoming Business Council, and the University of Wyoming, spoke on a panel giving an update on the economy and how it compares now to before the pandemic started.

“Overall, businesses on top of it are doing well, the top numbers are pretty good, but there is still significant suffering for those who are on the bottom cap,” Senior Economist of the U.S. Chamber of Commerce, Curtis Dubay said.

According to Dubay, continuing unemployment claims have slowly decreased since May 2020. He also mentioned that income had a small drop in March 2020 but responded with a record-setting growth rate in April.

Chief Strategy Officer of the Wyoming Business Council Sarah Fitz-Gerald, the council delivered $301 million to businesses across the state. Laramie County received 31 percent of those funds.

“Even though this pandemic has been terrible and there has been some really dire outcomes because of it, there’s a lot of reasons to be optimistic still,” Fitz-Gerald said.

Although Wyoming unemployment rates may be improving, some are still concerned about the rate it is currently at, as it was down 40 percent at the beginning of the shutdown in the middle of March.

“We’ve got indicators that are all over the board,” Acting Associate Dean of Haub School of Environment and Natural Environment and Natural Resources, Robert Godby said. The stock market is at record highs and yet we are at some of the highest unemployment levels we have ever seen, certainly the highest level of unemployment as opposed to the unemployment rate that we’ve ever seen."

The unemployment rate is reportedly down by 20 percent in Wyoming.

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