Carson City's May unemployment figures unchanged, 200 more jobs added
Submitted by Jeff Munson on Fri, 06/20/2014 - 8:11am
Carson City's 8 percent unemployment rate for May didn't budge from its dramatic 2.5 percent drop in April, but it still managed to add 200 more jobs to the payroll, according to figures released Friday by Nevada’s Department of Employment, Training and Rehabilitation.
Statewide, Nevada’s unemployment rate fell to a seasonally adjusted 7.9 percent in May, the lowest it has been in nearly six years. The number of unemployed individuals stands at 108,000, which is 19,000 less than May 2013.
“Once again we have received positive news from the Nevada labor market report,” said Gov. Brian Sandoval. “Our unemployment rate, which hit nearly 14 percent during the recessionary peak, has fallen below 8 percent for the first time since September 2008.
"Although encouraging, there remains much work to be done. We must continue our economic development and diversification efforts until the needs of Nevada’s unemployed and underemployed have been met," he said.
The non-seasonally adjusted unemployment rate for each of Nevada’s metro areas also saw a decline relative to a year ago, said Bill Anderson, chief economist for Nevada's employment division. The Las Vegas unemployment rate registered at 7.9 percent in May, while Reno/Sparks area stands at 7.4 percent. Carson City’s unemployment rate sits at 8 percent.
All of Nevada’s metropolitan statistical areas (MSA) experienced job growth in May relative to a year ago. Carson City added 200 jobs bringing its growth rate to 0.7 percent on an annualized basis. Meanwhile, Reno recorded the highest year over year growth rate this month at 3.6 percent, adding 7,100 jobs to non-farm payrolls.
Nevada was expected to grow by 5,900 jobs in May (not seasonally adjusted). However, actual growth totaled 8,300 jobs, which resulted in a 2,400 seasonally adjusted gain, Anderson said.
“Preliminary estimates so far this year suggest that job levels are trending in excess of 40,000 higher than a year ago,” Anderson said. “The state’s job base is growing at a pace more than double the national average. All told, Nevada is home to a seasonally adjusted 1,215,000 jobs as of May, which is the highest employment level reading since December of 2008.”
The construction industry experienced the highest job growth rate of any super-sector in May, growing by 12.5 percent, an increase of 7,000 jobs relative to May 2013. At a seasonally adjusted 63,200, this is the highest employment reading for the construction sector since January of 2010.
“While Nevada’s unemployment rate is still among the highest in the country and higher than the nation’s 6.3 percent rate, all indications suggest the state’s economy is on the mend,” Anderson said. “After peaking at over 194,400 at the height of the recession in October 2010, the number of unemployed in Nevada has declined by over 84,400. Initial unemployment insurance claims are steadily decreasing and weekly wages are on the rise, though not as strong as we would like.”
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