According to the Nevada Department of Employment, Training and Rehabilitation’s (DETR) July 2018 economic report, overall job growth increased to nearly 46,000 jobs year-over-year. At 3.4 percent growth, this is the largest increase since June 2017. Thirty-four states had over-the-year increases in nonfarm payroll employment in July. Nevada was tied for the second-highest percentage gain with Idaho, while Utah led with 3.5 percent growth.
July’s (seasonally-adjusted) over-the-month job gain of 9,500 was the largest over-the-month increase (next to July 2016) since the end of the recession. This month’s gains were again driven by very robust private sector job creation. Just 6 states had over-the-month increases in nonfarm payroll employment in July 2018. In percentage terms, the largest increase occurred in Nevada (+0.7 percent), followed by Minnesota and Washington (+0.4 percent each). Vermont lost jobs over the month (-2,200, or -0.7 percent).
Manufacturing employment has grown by 14% for the year to date, the most of any sector. Construction has the largest number of jobs created over the same time period, with a gain of 7,000 or 8.5 percent.
DETR’s report also noted that the state’s headline or U-3 unemployment rate decreased by another 0.1 percent to 4.6 percent, the lowest level since August 2007. This is the third straight month of declines, with the decrease of 0.1 percentage point matching the change in the national rate. Additionally, total unemployment fell below 70,000 for the first time since January 2008 to 68,396. Nevada’s unemployment rate is currently 0.8 points above the state’s all-time-low rate (3.8%). Unemployment is now down 9.1 points from its all-time high, hit during the recession (13.7%).
Another record-high number of employers in Nevada’s unemployment insurance system, at 70,960 at the end of 2018’s 2nd Quarter. Nevada’s Unemployment Trust Fund balance is at nearly $1.3 billion at the end of the 2nd quarter. However, Nevada’s headline unemployment rate is still among the highest in the nation: