State unemployment rates fall
Nevada’s unemployment rate dipped to a seasonally adjusted 6.6 percent in October, the lowest in more than seven years. This is down 0.6 point from a year ago, the 56th consecutive month of annual declines.
Employers added 6,200 jobs on a seasonally adjusted basis in October, said Bill Anderson, chief economist for Nevada’s Department of Employment, Training and Rehabilitation.
Employment is up by 42,100 jobs compared to a year ago. Construction is up 11.2 percent with an addition of 7,100 jobs relative to last year, the highest percentage growth of all the sectors in October. Leisure and hospitality realized the largest nominal growth in October, adding 16,300 jobs.
“The expanding job market is good news for people looking for seasonal holiday employment,” Anderson said in a press release. “September to December increases in seasonal jobs measured around 10,000 prior to the recession; however those seasonal gains noticeably retracted during the recession and during the early part of the recovery. Since 2011, holiday hiring has returned to the 10,000 mark and is expected to experience similar growth this year, if not better. This can be attributed to the strengthening economy.”
New initial unemployment insurrance claims are down 7 percent through October, averaging 8,300 claims per month over the last year, Anderson said, continuing the stable trend seen over the last several months. Additionally, trends in the total amount of benefits paid and number of benefit exhaustions is at their lowest levels since the recession and continue to show improvement.
“This year is proving to be a solid year for Nevada’s economy,” Governor Brian Sandoval said in a written statement. “Job levels are up 40,000 from 2014. Initial claims for unemployment insurance are down by 10 percent. The unemployment rate is the lowest since June 2008. Looking forward, I’m confident that, as we progress into 2016, we will continue to see good news on the jobs front that will keep Nevada near the top of the job growth rankings. I am committed to continuing our efforts to diversifying our economy and creating job opportunities for Nevadans who still need employment.”
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.