The population pyramids for both 2010 and 2019 can be described as stationary population pyramids with equal percentages across cohorts that taper off toward the top.
2. Workforce
The labor force participation rate (LFPR) is the percentage of the population over the age of 16 that is either employed or searching for employment. According to Federal Reserve Economic Data (FRED), Wyoming’s LFPR from 1976-2020 averaged 69.7%. This is slightly higher than the national average over the same period, 64.9%. However, Wyoming’s LFPR is more volatile than the national average. This is likely due to the state’s "boom and bust" economy. Additionally, note that LFPR has been declining in the US and Wyoming since 2009, possibly a result of the "baby boom" generation retiring and exiting the workforce.
Further, according to data from FRED, Wyoming’s unemployment rate has been consistently lower than the US unemployment rate since 1976. The Wyoming unemployment rate typically tracks the national unemployment rate, but with dampened effects. The state average unemployment rate from 1976-2020 was 4.9% while the US unemployment rate over the same period was 6.4%.
