Nevada’s unemployment rate fell to a seasonally-adjusted 5.2 percent in November, down 0.3 of a percentage point from October. This is the lowest the unemployment rate has been since December 2007.
“As 2016 nears an end, I’m encouraged by the significant progress our state has made as a result of our combined efforts these past six years,” said Governor Brian Sandoval in a press release. “The unemployment rate is moving toward 5 percent after peaking at nearly 14 percent in 2010. Unemployment insurance claims are at their lowest level in a decade, and wages and employment are at all-time highs. Looking forward, I’m excited about the direction that Nevada is heading and I remain committed to working with our business community to build a stronger and more resilient economy.”
On a year-over-year basis, the unemployment rate in the Silver State decreased for the 69th consecutive month, down 1.2 percentage points over November last year, said Bill Anderson, chief economist for Nevada’s Department of Employment, Training and Rehabilitation.
“All things considered, the pace of the recovery is perhaps best described as moderate but sustainable; arguably a better scenario than the unprecedented conditions which preceded the economic downturn,” Anderson said. “Employment is at an all-time high, registering above 1.3 million, with an additional 34,700 jobs over November of last year. This marks the 71st consecutive month of growth. Additionally, employment in small businesses has also reached a new record, surpassing 600,000.”
Over-the-month, employment increased by a seasonally-adjusted 3,200 jobs, relative to October. The trade/transportation/utilities sector realized the largest increase in terms of nominal growth during the first 11 months of 2016, up 9,000 jobs, an increase of 3.8 percent relative to last year. Year-to-date, construction continues to lead the industrial supersectors in terms of percentage growth, up 10 percent over the same period last year, which equates to a gain of 7,000 jobs.