Nevada jobs report shows growth in August, unemployment unchanged
Submitted by Jeff Munson on Wed, 09/18/2019 - 10:57am
CARSON CITY — Statewide employment figures in August show Nevada is up 5,400 jobs over the month and 42,100 over the year, with the state's unemployment rate at 4.1 percent, unchanged from June and down 0.4 percentage point when compared to last August, according to the Nevada Department of Employment, Training and Rehabilitation’s monthly report released Wednesday.
“I am encouraged by the positive economic indicators reflected in this month’s economic report. Nevada continues to have one of the fastest growing private sectors in the nation and unemployment in the state remains low," said Gov. Steve Sisolak. "While these labor market measures remain steady, we must keep working to ensure that every family in Nevada sees the benefits of the state’s growth."
DETR’s report also notes that Nevada initial claims for unemployment insurance totaled 9,685 and realized a year-over-year increase this month, up 1.1 percent in August, or 105 claims.
“Despite employment growth being near the low end of what we’ve seen over the past five years, as of July, we have experienced the fastest employment growth in the nation for 10 months straight. Nevada’s unemployment rate remains relatively low and is keeping pace with the national unemployment rate," said David Schmidt, Chief Economist for DETR.
However, even with steady progress in our employment measures, there are still opportunities for improvement. For example, Nevada's per capita personal income ranks 27th in the nation, and our rate of voluntary part time employment is only recently recovering to pre-recession levels, Schmidt said.
"Overall, the economic picture around the state remains encouraging, but we continue to monitor Nevada’s labor market for signs of a turning point in light of national economic uncertainty,” he said.
Additional August Report Highlights:
— Total employment rose by 3.0 percent over the year, more than double the current U.S. growth rate (1.4 percent).
— Professional and business services have added the most jobs out of all sectors over the past 12 months through August over the same year time last year, up 12,900 jobs.
— With data through the first quarter of 2019, Nevada has the fastest growing private sector in the United States ahead of Utah, Idaho, and Arizona.
— As of first quarter of 2019, small business employment has exceeded 3% growth over the year for the eleventh time in the past sixteen quarters.
— The number of small businesses has grown to the current level of 79,700 in the first quarter of 2019, increasing by 23,000 since third quarter of 2003.
— Weekly wages in Nevada averaged $992 during the first quarter of 2019. This compares to $977 during the same period last year, an increase of $15 or 1.5 percent, year-over-year.
— In July 2019, full-time workers represent 78.7 percent of total employment while part-time positions accounted for 21.3 percent of total employment.
— From 2004-2017, and two to five quarters following graduation, average wages by degree were highest for Doctoral Degree recipients, averaging $53,200, with Master’s Degree graduates following closely behind at $50,700. Bachelor’s and Associate’s Degree recipients were observed to be earning $39,000 and $36,700, respectively.
— Total, gross domestic product in Nevada was $149 billion (in 2012 dollars) in first quarter of 2019. Nevada’s economy has now grown in 20 consecutive quarters.
— Year-to-date through August, 237,124 ads have been posted for jobs in Nevada, an increase of 42,578 (22 percent) from the same period last year.
