Nevada adds 1,800 jobs in November, employment gains made monthly since 2011
Nevada added 1,800 jobs over the month in November, bringing total employment to 1.35 million, a gain of 35,100 jobs since November of last year that amounts to a growth rate of 2.7 percent, compared to 1.4 percent nationwide, according to figures released Wednesday by the Nevada Department of Employment, Training and Rehabilitation.
The Silver State had the fastest-growing private sector in the nation through the first six months of the year, adding 41,000 jobs versus the same period last year.
"November brought with it further good news for Nevada’s labor markets. Jobs are trending about 40,000 higher than a year ago, and double-digit unemployment rates are a thing of the past," said Nevada Gov. Brian Sandoval. "I am most encouraged by the broad-based and diversified nature of our recent gains. As a result of our solid recovery, and six months ahead of schedule, Nevada has paid off $600 million in bond proceeds used to shore up the State’s Unemployment Insurance Trust Fund, resulting in annual savings to Silver State employers of $180 million next year."
All things considered, the Silver State appears to be closing out 2017 on a high note, said the Silver State's chief economist Bill Anderson.
"Job levels continue to set records on almost a monthly basis. In fact, results for the first half of the year show that private sector job growth in Nevada is the strongest in the nation," said Anderson.
Holiday-related hiring appears on track to add several thousand positions to payrolls. On the unemployment front, the jobless rate remains at five percent in November. To put that in perspective, it topped out at nearly 14 percent during the recession.
Sustained growth in the labor force, driven by increasing confidence in job prospects, continues to limit further declines in the jobless rate, said Anderson.
Other Highlights:
— Nevada’s small business employment is at a new record high of almost 625,000 jobs in the second quarter of the year, up nearly 115,000 over the course of the recovery.
— The State’s economy, as measured by GDP, has expanded in each of the past 16 quarters, exceeding the nation in six of the past nine quarters.
— Nevada added 1,800 jobs over the month in November, bringing total employment to 1.35 million.
— The State has gained 35,100 jobs since November of last year, a growth of 2.7 percent, compared to 1.4 percent nationwide.
— The unemployment rate remained steady at five percent in November, down 0.2 percentage point from a year ago.
— The average duration of unemployment insurance benefits is down to nearly 13 weeks, after peaking at 19-plus weeks at the height of the recession.