Employment in Nevada is up 5,200 over the month July to August and 43,400 over the year. The state’s unemployment rate is at 4.1 percent (up 0.1 percent point from June) and is down 0.4 percentage point when compared to last July. Governor Sisolak reacted to the numbers by saying “I am pleased to see that this month’s labor market report reflects positive employment growth both over the month and over the year in Nevada. Although there was a slight increase in the unemployment rate this month, it continues to remain the lowest rate we have seen in the month of July since 2006.While this month’s labor market measures remain positive, we must continue to seek opportunities for improvement in our state’s economy and work to provide all Nevadans with an opportunity for a bright economic outlook moving forward.”
DETR’s report also notes that Nevada’s Unemployment Insurance Trust Fund ended the second quarter of 2019 with a balance of over $1.52 billion, another record level. At this level, the Trust Fund balance would cover nearly 17 months of benefits if a similar recession to the Great Recession of 2008 were to occur. “With employment continuing to grow at a steady pace and the unemployment rate remaining relatively low, Nevada continues to have a stable labor market. However, even in this strong labor market there are still opportunities for improvement. For example, our rate of involuntary part-time workers – those who are working part-time but want to be working full-time – remains high compared to the rest of country. Overall, the economic picture around the state remains positive but with rising uncertainty nationally, we will continue to monitor Nevada’s labor market for signs of a turning point.” said David Schmidt, Chief Economist for DETR.
Additional July Report Highlights: •Total employment rose by 3.1 percent over the year, more than double the current U.S. growth rate (1.5 percent). • Professional and business services have added the most jobs out of all sectors using a 12-month moving average through July over the same year time last year, up 13,100 jobs.