Nevada sees 2.8 percent June job growth, unemployment down to 4.7 percent
Submitted by Jeff Munson on Wed, 07/18/2018 - 11:03am
CARSON CITY — June marked the 90th straight month of year-over-year job gains in Nevada, with job growth continuing to hover near 40,000 jobs per month on a year-over-year basis, according to stats released Wednesday by the state's Department of Employment, Training and Rehabilitation.
According to its June 2018 economic report, job growth was 2.8 percent, well above the national rate of 1.6 percent. The state’s unemployment rate decreased by 0.1 percent to 4.7 percent in June.
“With 2,000 jobs added in June, Nevada continues to experience an ongoing healthy labor market and maintains improvement through the second quarter of 2018,” Gov. Brian Sandoval said in a news release. “Additionally, the unemployment rate continues to decline in the state falling from 4.8 percent to 4.7 percent, a significant drop from nearly 14 percent in 2011. As we enjoy these positive trends, we should remain vigilant in continuing our efforts to ensure the Silver State’s economic success.”
DETR’s report also notes the state’s long-term unemployment rate (UR) figures included in the monthly Current Population Survey, according to the news release.
The long-term UR is the ratio of long-term unemployed to the total labor force. For the 12-month period ending in June 2018, the Silver State had a long-term unemployment rate of 0.9 percent, down 6.1 percentage points from its peak. As of June 2018 the number of Nevadans unemployed for 27 weeks or more stands at 12,900 compared to the height of the recession, when the state’s number of long-term unemployed in Nevada totaled 92,900.
“Employment rose and unemployment fell in June, reflecting the ongoing growth of Nevada’s labor market. Employment growth, while down slightly from the average pace seen over the last 12 months, still represents growth well above that of the nation as a whole. Declines in unemployment, increases in income and wages, and solid employment growth across several different industry sectors point to a healthy, tightening market for workers in the state,” said David Schmidt, Chief Economist for DETR, in the news release.
Additional June Economic Report Notes:
— Employment in Nevada hit a new record high of 1,375,800, rising by 2,000 jobs over the month.
— Over the year, Nevada added 37,600 jobs, a gain of 2.8 percent, well above the national average of 1.6 percent.
— The unemployment rate fell to 4.7 percent in June for the first time since September 2007. Nationally, the unemployment rate rose from 3.8 percent to 4.0 percent in June.
— Over the last 12 months the unemployment rate for veterans in Nevada has risen to equal the rate of the population as a whole. Since early in the recovery, the unemployment rate for veterans had been lower than the overall population.
— Personal income in the first quarter rose by 4.1 percent over the year, and has increased in all but one quarter for the past 8 years.
