Nevada unemployment rate holds steady
- Through May, Nevada had the 2nd-strongest year-to-date decline in the unemployment rate in the nation.
- Employment reached record-high, with a seasonally-adjusted gain of 10,600 jobs, now totaling 1,342,100.
- The State has seen year-over-year job gains for the 78th straight month, with employment 48,700 higher than this time last year, a growth of 3.8 percent.
Nevada’s unemployment rate held steady in June, at a seasonally-adjusted 4.7 percent, for the third month in a row. Additionally, the rate is down a full percentage point from a year ago.
“The Silver State has reached yet another milestone in its economic recovery,” said Governor Brian Sandoval. “As job levels have surged to record highs and the unemployment rate has been cut by nine full percentage points from its peak, Nevada’s Unemployment Insurance Trust Fund has improved markedly and ended this year’s second quarter with a record balance of $886 million, a far cry from the depths of the recession when the Fund had a negative balance of $800 million.”
Initial claims for unemployment insurance continued to improve this month, with claims falling by 3.5 percent from June 2016, to 10,760, said Bill Anderson, chief economist for Nevada’s Department of Employment, Training and Rehabilitation.
“Another positive indication of Nevada’s recovery that should be noted is the improvement in the long-term unemployment rate,” Anderson said. “For the 12-month period ending in June 2017, the long-term unemployment rate is 1.2 percent, down 5.8 percentage points from the peak. At the height of the recession, the number of long-term unemployed in Nevada totaled 92,900. Currently, it stands at 16,600.”
Northern Nevada’s smaller markets expect economic stability in 2021; issues could slow future growth
While much of the economic attention in Nevada has centered on Las Vegas and Reno, the Silver State’s smaller markets and rural communities are in varying degrees of rebounding from the COVID recession.