Nevada jobs in February up over year, unemployment dips to 4.3 percent
Submitted by Jeff Munson on Thu, 03/21/2019 - 10:59am
Employment in Nevada declined by 900 jobs over the month but is up 48,400 jobs over the year, the largest annual increase seen in February since 2006, according to a report released Wednesday by the state Department of Employment, Training and Rehabilitation.
The state’s unemployment rate in February declined over the month by 0.1 percentage point to 4.3 percent and is down half a percentage point when compared to last February.
“I am pleased to see that this month’s report highlights Nevada having the fastest growing private sector in the nation. Nevada’s economy remains encouraging as small business employment reaches a new record high while the unemployment rate continues to decline,” Gov. Steve Sisolak said. “We must continue to seek opportunities for improvement in our state’s economy and work to provide all working Nevadans with an opportunity for a bright economic outlook moving forward.”
DETR’s report also notes that estimates show that initial claims for unemployment insurance benefits totaled 9,290 this month. This is the lowest reading for initial claims in the Silver State since 1999.
“February’s seasonally adjusted job numbers came in lower than expected. However, adjustments to January’s employment numbers lead to a net increase in employment of 2,300 jobs from our last report," said said David Schmidt, Chief Economist for DETR. "Further, an examination of detailed employment records from around the country shows Nevada as the only state with annual private sector employment growth over four percent through the third quarter of 2018.
"We also show average weekly wages and jobs are up over the year along with a slight decline in the state’s unemployment rate in February. The ongoing tightening of the labor market should continue to lead to new opportunities for all working Nevadans to participate in the state’s economic expansion."
Additional February Report Highlights:
Total employment rose by 3.5 percent over the year, in the middle of the range seen over the last year (2.9 – 4.1 percent), and more than double the current U.S. growth rate (1.7 percent).
Statewide non-seasonally adjusted job growth added 10,700 jobs over the last 12 months in the administrative support, waste management and remediation services sector, the largest 12-month change in the industry on record dating back to 1991.
As of the third quarter of 2018, employment in Nevada’s small business firms with less than 100 employees totaled nearly 651,000, establishing a new record high continuing while continuing the trend beginning in the second quarter of 2015.
Weekly wages in Nevada averaged $936 during the third quarter of 2018. This compares to $914 during the same period last year, an increase of $22, or 2.4 percent, year-over-year.
The unemployment rate in Nevada dropped 0.1 percentage point over the month to 4.3 percent, the lowest rate since May 2007.
At 14 percent, Nevada’s share of unemployed individuals with Bachelor’s degrees or higher is considerably lower than the national rate of 23.4 percent.
Initial claims for unemployment insurance (UI) benefits fell to 9,290 in February, down nearly 5.5 percent relative to last February’s reading.
For the twelve months ending in February, 78.2 percent of total employment in Nevada is full-time while part-time positions account for 21.8 percent.
Year-to-date through February, 53,839 ads have been posted for jobs in Nevada, an increase of 23,703 (78.7 percent) from the same period last year.
