Nevada’s jobless rate improves to 15% in June
CARSON CITY, Nev. — Nevada’s unemployment rate declined significantly in June to 15%, down from May’s mark of 25.3%, thanks to the Phase 2 reopening of the economy amid the COVID-19 pandemic, officials said Wednesday.
The Nevada Department of Employment, Training and Rehabilitation announced the new jobless as part of its June 2020 economic report, released Wednesday afternoon, which shows nearly a 50% decrease from the seasonally adjusted April rate of 28.2%, which was the worst ever for Nevada.
In June, Nevada added 98,900 jobs, an 8.5% increase from May; 72,700 of those jobs fell in the Leisure and Hospitality category, following the re-opening of many hotel/casinos on June 4, along with continued reopening of full-service restaurants throughout the month.
DETR’s report also notes that Nevada’s Unemployment Insurance (UI) claims saw a decrease of initial claims over the month of 26,610, or 35.7%.
“The month’s numbers reflect the significant impact of policy restrictions on Nevada’s businesses, including hotel casinos, and the impact of COVID-19 restrictions on employment and unemployment in the state,” David Schmidt, Chief Economist for DETR, said in a statement. “… While encouraging, it is important to remember that conditions have changed since the middle of June, and the evolving public health landscape and necessary restrictions will continue to impact Nevada’s labor market for several months to come.”
The report warns that Nevada’s rate of recovery growth is “likely to slow as businesses hit a wall created by the COVID-19 social distancing restrictions, and as the economic impact of revenue losses over the last few months start to be incorporated into the medium term operations of companies.”
“We anticipate significant challenges in the months ahead as we continue to battle the COVID-19 pandemic and work through the economic impacts of the situation,” the report continues. “Although this month’s numbers were a significant improvement, Nevada is currently experiencing one of the greatest economic shocks in history.”
Q-and-A with UNR President Sandoval: ‘We’re going to strengthen our relationships with private industry’
“Economic diversification is inextricably intertwined with higher education and the university,” former Gov. Brian Sandoval told the NNBW last week. Read more in a Q-and-A with the UNR president, in which he discusses the university’s role in the economy and what opportunities are on the horizon in 2021 and beyond.