Nevada jobs in March up over month and year, unemployment dips to 4.2 percent

CARSON CITY — Employment in Nevada increased by 1,700 jobs over the month and is up 47,200 over the year, according to the state Department of Employment, Training and Rehabilitation’s March 2019 economic report.

The state’s unemployment rate in March declined over the month by 0.1 percentage point to 4.2 percent and is down half a percentage point when compared to last March.

“I am pleased to see that this month’s report highlights several positive employment measures, an encouraging economy for employers, a declining unemployment rate, and an increase in personal income,” Gov. Steve Sisolak said. “As workforce outcomes continue to improve around the state, we must continue our efforts to ensure quality job opportunities for all Nevadans.”

DETR’s report also notes that estimates show that initial claims for unemployment insurance benefits totaled 9,387 this month, up half a percent or 50 claims over the year.

“Nevada’s job market continues to expand, though at a somewhat slower pace than in the final months of 2018. Nevertheless, this pace doubled the rate of national job gains over the past year.

The U.S. unemployment rate held steady at 3.8 percent in March, while Nevada’s unemployment inched up to 4.2 percent, just 0.4 percentage points above the national rate. Further, the share of unemployed people who have been unemployed for more than 26 weeks make up just 0.8 percent of our state labor force, a level consistent with a healthy labor market. Overall, the State’s labor market continues to fare well and should continue to produce improved opportunities for those people who have been slower to benefit from the recovery.” said David Schmidt, Chief Economist for DETR.

Additional March Report Highlights:

— Total employment rose by 3.4 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).

— The unemployment rate in Nevada dropped 0.1 percentage point over the month to 4.2 percent, the lowest rate since April 2007.

— Initial claims for unemployment insurance benefits saw their first year-over-year uptick in 15 months in March; rising by half a percent.

— In March 2019, the Nevada and national long-term unemployment rate were approximately 0.8 percent. Additionally, both rates are returning to the historical rates that averaged 0.7 percent for Nevada and 0.9 percent for the nation from 1999 through 2008.

In the fourth quarter of 2018, personal income in Nevada reached $149 billion, up 5.8 percent from a year ago. Per capita, personal income in Nevada reached $48,734 and was 90 percent of the national level at $54,484.
Nevada per capita personal income growth was 36th in the Nation in the fourth quarter of 2018, up 3.6 percent over the same time last year.

The industry that was the largest contributor to gross domestic product growth in Nevada in the third quarter of 2018 was manufacturing, totaling 15.2 percent or $7.6 million (adjusted for inflation, measured in 2012 chained dollars).

At six percent nationally and four percent statewide, veterans have a much smaller portion of individuals who have less than a high school equivalency when compared to the general population (non-veterans) at 13 percent and 14 percent respectively.

In March, the Nevada Veteran labor force participation rate ranks 21st, the best among other States and the District of Columbia.

Year-to-date through March, 86,613 ads have been posted for jobs in Nevada, an increase of 37,712 (77.1 percent) from the same period last year.