June unemployment in Nevada sees slight uptick, job growth remains strong
Submitted by Jeff Munson on Wed, 07/20/2016 - 12:37pm
Nevada’s unemployment rate rose slightly to a seasonally-adjusted 6.4 percent in June, but experienced strong job growth in trade, transportation and utility sectors, according to figures released Wednesday by the state's Department of Employment, Training and Rehabilitation.
In June, the Silver State experienced the strongest over-the-month gain in employment in 11 years, adding a seasonally-adjusted 7,500 jobs.
“Nevada has almost added back all of the jobs lost during the recession,” said Gov. Brian Sandoval. “June’s monthly job gain was the strongest since late-2005. At the same time, the fact that unemployment remains stubbornly high reminds us that more work remains to be done to ensure a solid future for all Nevadans.”
Year-over-year, Nevada’s employment reading stands 34,400 above the same month last year, for a growth rate of 2.7 percent. This makes June the 66th consecutive month of recorded job gains in the state, said Bill Anderson chief economist for Department of Employment, Training and Rehabilitation.
Additionally, annualized employment growth in the Silver State has exceeded national job gains for the 47th consecutive month.
The trade, transportation, and utilities sector realized the largest increase in terms of nominal growth during the first half of 2016, adding 8,800 jobs year-to-date, an increase of 3.7 percent relative to last year. In percentage growth, construction continues to lead the industrial supersectors in year-over-year job gains, up 9.5 percent over the same period, which equates to a gain of 6,300 jobs.
“We question this month’s marked increase in the unemployment rate, especially given very encouraging overall job trends,” Anderson said. “In light of this, a long-term view is necessary in order to more accurately assess underlying trends in the unemployment rate. During the first six months of 2015, the jobless rate averaged 6.9 percent. Through the first half of this year, it has declined 0.9 points, to 6 percent. Also of note, the labor force in Nevada continues to expand, which has offset any downward pressure on the unemployment rate. Relative to May, the labor force is up over 2,000. For the first half of the year, it is up 14,500 relative to the first six months of 2015.”
