Nevada adds 3,500 jobs in March, unemployment remains at 4.9 percent
Submitted by editor on Wed, 04/18/2018 - 9:41am
Nevada added 3,500 jobs in March bringing employment in the Silver State to a record high of 1,373,700, according to figures released Wednesday by the Department of Employment, Training and Rehabilitation. Unemployment in March remained constant at 4.9 percent.
“With 3,500 jobs added in March, Nevada continues to experience a healthy labor market and an upward trend in a range of other measures including ongoing job gains, continued accelerated growth in the private sector and strong business employment,” said Gov. Brian Sandoval in a news release. “Additionally, this month’s report indicates relatively low unemployment rates and unemployment insurance claims. While this reflects our state’s healthy employment status, we must keep working to ensure the continued success of the new Nevada.”
DETR’s report also notes that in the fourth quarter of 2017, personal income in Nevada reached $136 billion, up 6.4 percent from a year ago. This increase has been ongoing in 30 of the past 31 quarters, according to the report.
Additionally, Nevada’s average personal income growth has exceeded that for the U.S. over 14 of the past 16 quarters, with income gains in the state averaging 5.1 percent, compared to 3.5 percent in the U.S.
“Although we are seeing some slight changes in employment and unemployment measures in March, state employment remains strong,” David Schmidt, Chief Economist for DETR said in a news release. “Estimates show Nevada’s labor force has averaged 1.49 million in the first quarter of 2018, up from 1.45 million during the same period in 2017. This translates into an increase of 40,160 more Nevadans in the labor force, either working or actively seeking employment. Nevada’s growth of 2.8 percent over the same time last year compares to a one percent increase nationwide.”
Additional March Economic Report Notes:
· Seasonally adjusted employment rose to 1,373,700 and an increase of 36,600 unadjusted jobs (2.8 percent) over the year.
· At 4.9 percent, Nevada’s unemployment rate has remained constant since August of last year. The gap between Nevada and the nation has remained unchanged at 0.8 percentage point for six months.
· The unemployment rate for Black Nevadans stands at 9.4 percent (down from 22.6 percent at the peak of the recession), while the rate for Hispanic Nevadans stands at 5.7 percent (down from 18.7 percent). The rate for White Nevadans is at 4.6 percent (down from 13.9 percent).
· Slight downward revisions to February’s employment level resulted in a two-month gain of 9,400 jobs from January to March.
· The long-term unemployment rate (those unemployed 27 weeks or more) declined to just one percent, down from seven percent during the recession.
· March’s initial claims for unemployment insurance (UI) held relatively steady at 9,300 claims down 5 percent relative to last month and down 2.2 percent relative to last March.
