Nevada adds 5,100 jobs in October, unemployment dips to 4.4 percent
Submitted by Jeff Munson on Wed, 11/14/2018 - 11:51am
Nevada's October unemployment rate declined by 0.1 percentage point over the month to 4.4 percent, down half a percentage point over the year. Overall job growth is up 45,800 jobs and grew by 3.4 percent year-over-year, according to figures released Wednesday by the state's Department of Employment, Training and Rehabilitation.
Nevada’s over the year job growth rate has remained at or over three percent since July of this year, according to the state Department of Employment, Training and Rehabilitation’s October 2018 economic report.
“This month’s employment data is another example of the positive changes we’ve seen in Nevada’s economy over the last eight years,” Gov. Brian Sandoval said. “We now have more than 100,000 people working in the state than before the recession and we’ve added 285,000 jobs since the worst point of the recession. Nevada’s unemployment rate is the lowest it has been in over ten years and we are seeing continued job growth across a wide range of industries. With these encouraging statistics, we continue to build the foundation of the new Nevada.”
Nevada saw 5,100 new jobs in October, seasonally-adjusted, bringing total employment to 1,397,900. The month’s over-the-month gain was 3,600 jobs higher than the sStatewide increase seen in October of 2017. The September estimate was revised down by 1,300 bringing the total two-month gain to 6,600 jobs, according to DETR.
October’s positive seasonally adjusted gain comes as a result of the state adding 8,600 jobs, unadjusted, when only 3,500 jobs were expected to be add- ed based on historical patterns. The private sector saw the largest share of gains, adding 6,100 jobs, while the public sector lost 1,000.
DETR’s report also notes that estimates show that Nevada’s total employment is now up 285,300 jobs since the recession low of 1,112,600.
“Nevada’s job market continues to expand at a brisk pace, doubling the pace of national job gains over the past year which was near the high end of our recent trend," said David Schmidt, chief economist for DETR. "Employment expanded significantly across many industries including Construction, Professional & Business Services, and Manufacturing, and continued to drive down unemployment in the state.”
Additional October Report Notes:
The Statewide unemployment rate fell by 0.1 points to 4.4% - the lowest since June 2007. This rate is 0.7 points above the U.S. rate in October (3.7 percent), and 0.6 points above Nevada’s all-time low unemployment rate (3.8 percent).
— Total employment rose by 3.4 percent over the year, near the high end of the range seen over the last year (2.8 – 3.5 percent), and double the current U.S. growth rate (1.7 percent).
— The construction industry’s year-to-date average employment growth continues to experience the largest nominal gains over the same period last year, increasing by 9,500 jobs or 11.4 percent, bringing total jobs in that industry to 92,900.
— Manufacturing remains the fastest-growing industry, growing by 13.8 percent over the year.
— Nevada’s Unemployment Trust Fund balance sits slightly in excess of $1.5 billion, another record level. This current balance could pay 5.2 years of benefits at the current payment rate ($5.5 million per week), or 1.2 years of benefits in a recession like the Great Recession.
Initial claims for unemployment insurance (UI) benefits totaled 9,900, beginning the seasonal increase in claims experienced in the state around the fourth quarter each year.
Year-to-date through October, 255,142 ads have been posted for jobs in Nevada, an increase of 77,860 (43.9 percent) from the same period last year.
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