In October, the unemployment rate decreased over the month, down 0.3 of a percentage point from September, to a seasonally adjusted 5.5 percent. This is the lowest unemployment rate since February 2008. Additionally, October marks the first time since April 2008 that less than 80,000 Nevadans are unemployed. On a year-over-year basis, the unemployment rate in the Silver State decreased for the 68th consecutive month, down 1 percentage point over October last year.
“Nevada’s unemployment rate is dropping because more Nevadans are getting good, sustainable jobs. I am encouraged that the state’s growth spans across multiple, diverse industries and that new businesses continue to move to the Silver State,” said Governor Brian Sandoval in a press release. “Our economy is strong, but there is more to be done and we will remain diligent in our efforts to ensure that every Nevadan has access to high quality employment.”
Over-the-month, the Silver State gained a seasonally adjusted 1,000 jobs, relative to September, said Bill Anderson, chief economist for the Research and Analysis Bureau of the Nevada Department of Employment, Training and Rehabilitation. Nevada has registered year-over-year job gains every month since January 2011.
“Despite the somewhat slowed job growth over-the-year, the state has exceeded national job gains for 51 consecutive months,” Anderson said. “Year-to-date, construction continues to lead the industrial super sectors in terms of percentage growth, up 9.9 percent over the same period last year, which equates to a gain of 6,800 jobs.”