Nevada sees lowest initial claims in May for unemployment insurance benefits since 1999
CARSON CITY — According to the latest initial claims data from the Department of Employment, Training and Rehabilitation, April initial claims for unemployment insurance benefits fell to a relative record low this month. With May’s reading of 9,400 claims, this is the lowest May reading since 1999.
“May's marked decline comes after two consecutive months of year-over-year increases in claims activity," said Jeremey Hays, Economist at the Department of Employment, Training and Rehabilitation. "Considering employment trends and other barometers of labor market health, including the average unemployment duration and exhaustion rate, the previous two months may have been somewhat irregular."
May Claims Highlights:
— Initial claims totaled just over 9,400 in May. Down almost 650 claims, or 6.4 percent compared to April.
— Initial claims decreased 3.7 percent compared to last May, with almost 360 fewer claims.
— The relative trend, expressed in the 12-month moving average of the series, held relatively steady with a reading of 10,150 this month. Average unemployment duration fell by one tenth of a week over the year, at 13.2 weeks.
— The exhaustion rate (the number of people who have used up their UI benefits) stands at 32.8 percent, one percentage point lower than last May.