Nevada adds 2,800 jobs in September, unemployment unchanged at 4.5 percent
CARSON CITY — Nevada's unemployment rate remained unchanged in September by holding steady at 4.5 percent over the month, but is down 0.4 percentage point over the year, according to figures released Wednesday by the state's Department of Employment, Training and Rehabilitation.
Overall job growth is up 45,300 jobs and grew by 3.2 percent year-over-year. Nevada’s over the year job growth rate has remained at or over three percent since July of this year, the DETR September 2018 economic report states.
"I’m excited to see that Nevada continues to have one of the fastest growing private sectors in the nation,” said Gov. Brian Sandoval. “Our workforce demographics are continuing to improve and job levels have surged to record highs. What’s more, our unemployment rate has been cut by more than nine full percentage points from its peak – we must continue our efforts to ensure quality job opportunities for all Nevadans.”
DETR’s report also notes that estimates show that Nevada’s labor force has averaged 1.49 million through the third quarter of 2018, up from 1.45 million during the same period in 2017.
“The conditions of the State’s labor market continue to fare well. Job growth has been fairly consistent of late, and appears to be trending at about 40,000 new jobs, on an annualized basis. Initial claims for unemployment insurance continued to improve this month and are at the lowest levels they’ve been in two decades. Another positive indication of Nevada’s recovery that should be noted is the improvement in the long-term unemployment rate, which remained high well into the current expansion. The long-term rate is 0.8 percent and is back to levels consistent with a healthy labor market.” said David Schmidt, Chief Economist for DETR.
Additional September Report Notes:
The Statewide unemployment rate at 4.5 percent remained unchanged from last month, but is down 0.4 percentage point over the year.
— Unemployment in all age groups is on the downward trend and remains the lowest rate since July 2007.
— Over the month, seasonally-adjusted employment grew by 2,800 jobs to 1,394,100.
— The state added 43,500 jobs over the year (seasonally-adjusted), a gain of 3.2 percent.
— Initial claims for unemployment insurance (UI) benefits decreased to 8,289, the lowest level for any month since 1998.
— Nevada’s labor force has increased by 2.8 percent over the year through the third quarter of 2018. That compares to a one percent increase seen nationwide.
— Statewide, employment across all industries is projected to increase by 19.9 percent or 268,000 jobs over the 2016-2026 ten-year period.
— Nevada’s average personal income growth has exceeded that for the U.S. over 16 of the past 18 quarters.
— The manufacturing industry’s year-to-date average employment growth is experiencing record highs and is up nearly 14 percent (6,500 jobs) over the same period last year.
— The construction industry’s year-to-date average employment growth has seen the largest nominal gains over the same period last year, increasing by 7,500 jobs or 9.1 percent.
— Nevada’s Unemployment Insurance (UI) Trust Fund ended the first half of 2018 with a balance of $1.29 billion, another record level.
— Year-to-date through September, 226,872 ads have been posted for jobs in Nevada, an increase of 64,000 (39.3 percent) from the same period last year.