Nevada jobless rate improves slightly to 12% in October
CARSON CITY, Nev. — Nevada’s unemployment rate improved slightly in October to 12%, compared to the 12.5% mark it posted in September, according to new monthly statistics released Nov. 18 by the Nevada Department of Employment, Training & Rehabilitation.
The difference was an additional 3,600 jobs, according to DETR, bringing Nevada’s total employment to 1,305,300 in October.
“I’m encouraged to see that employment continues to grow,” DETR Director Elisa Cafferata said in a statement. “It is important that all Nevadans help reduce the spread of COVID so businesses can bring jobs back. DETR is committed to helping Nevadans get back to work.”
Despite the month-over-month increase, DETR notes in its October jobs report that unemployment is down by 117,200 jobs compared to October 2019.
DETR’s report also notes Nevada’s Unemployment Insurance Trust Fund, with a balance of $89.1 million, increased during the week ending Nov. 14 as tax contributions were received from businesses.
“Combined with declining claims, this will allow the state to avoid borrowing for a few more weeks,” according to a Nov. 18 press release from DETR, which reports that 21 states and territories have borrowed $40.7 billion in funds from the federal government to support benefit payments.
Additional highlights from the October jobs report include:
- Nevada jobs are up (+0.3%), while U.S. jobs are up (+0.5%) from September to October.
- Construction added the most jobs in Nevada (2,300) over the month.
- The state has regained 58% of the more-than 287,300 jobs lost from February to April.
- Management of companies and enterprises (-21.9%) and educational services (-20.6%) are down the most in Nevada since the same time last year.
- The unemployment rate in Nevada is nearly twice that of the national rate, which came in at 6.9% in October.
“Although the labor market continues to improve, Nevada remains one of the states most impacted by the COVID pandemic, with our economic outlook dependent on the response to COVID-19 including treatments, policy responses, and public compliance with measures to slow the spread of the disease,” David Schmidt, chief economist for DETR, said in a statement.
Go to nevadaworkforce.com to read the full October report and other DETR stats.
With median home prices topping $500,000 in Reno and nearly $520,000 in Minden/Gardnerville, 2021 is shaping up to be quite the sellers’ market for Northern Nevada. As for housing supply, that’s another story, reports the NNBW’s Kaleb M. Roedel.