Job Growth Steady, Unemployment Down in May

Posted on by & filed under Nevada by the Numbers Blog.

According to Nevada’s Department of Employment, Training and Rehabilitation’s (DETR) May 2018 economic report, job growth was 2.8 percent in May, well above the national rate of 1.6 percent, as 37,600 unadjusted jobs were added from the same month a year ago. 2017 data shows Nevada has regained the title of the fastest growing private sector in the United States, with the addition of 38,600 jobs relative to 2016, a growth rate of 3.4 percent.

Manufacturing has grown at the fastest rate in 2018 expanding by 17.3 percent year-to-date, with construction’s job gains corresponding to a gain of 7.8 percent.

The state’s headline or U3 unemployment rate decreased by 0.1 percent to 4.8 percent, the lowest level since October 2007 and the first decrease in nine months. May’s initial claims for unemployment insurance totaled 9,800, down nearly 200 claims compared to last month.

Employment at small businesses, those with less than 100 employees, reached a new record high at 632,000, with the over-the-year gain recorded at 18,300.