Nevada Unemployment Hits 4.7% in June

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

According to the state Department of Employment, Training and Rehabilitation’s (DETR) June 2018 economic report, job growth was 2.8 percent, well above the national rate of 1.6 percent. June marks the 90th straight month of year-over-year job gains in Nevada, with job growth continuing to hover near 40,000 jobs per month on a year-over-year basis. Manufacturing, construction, and government jobs have seen the most growth for the year to date, while we’ve actually shed IT jobs:

Employment in Nevada hit a new record high of 1,375,800, rising by 2,000 jobs over the month, split between seasonally adjusted gains in the private and public sectors.

The state’s headline or U-3 unemployment rate decreased by 0.1 percent to 4.7 percent in June. This is the first time unemployment has reached that mark since September 2007. DETR’s report also notes the state’s long-term unemployment rate (UR) figures included in the monthly Current Population Survey (CPS).  The long-term UR is the ratio of long-term unemployed to the total labor force. For the 12-month period ending in June 2018, the Silver State had a long-term unemployment rate of 0.9 percent, down 6.1 percentage points from its peak.

Over the last 12 months the unemployment rate for veterans in Nevada has risen to equal the rate of the population as a whole. Since early in the recovery, the unemployment rate for veterans had been lower than the overall population.