Nevada unemployment officially in double digits

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Nevada's unemployment rate officially hit double digits in February " 10.1 percent in the seasonally adjusted rate, 10.3 percent for the straight, non-adjusted rate.

That means there were 145,200 people looking for work in the Silver State at the end of February.

In Carson City, the situation was even worse " 11.3 percent unemployment with 3,400 of 29,700 in the labor force out of work. But that is just a tenth up from January's numbers.

Carson's rate was close to Reno-Sparks, at 11.2 percent. That equates to 25,500 of 228,600 in the labor force looking for work but, like Carson City, is only a bit higher than January when the rate was 11 percent.

Las Vegas mirrors the state as a whole at 10.1 percent jobless. A total of 102,500 are out of work there.

The area in the best shape remains Elko where, buoyed by the mining industry boom, unemployment is just 6.4 percent " the same as it was in January.

The total unemployment rate has just about doubled since February 2008 when it stood at 5.5 percent.

Bill Anderson, chief economist for the Nevada Department of Employment, Training and Rehabilitation, said the rate is quickly approaching the state's highest recorded rate of 10.7 percent, in December 1982.

Anderson said the economy has deteriorated rapidly since September, reducing by more than 50,000 jobs.

Employment Security Administrator Cindy Jones told lawmakers earlier in the week that with thousands of laid-off workers applying for benefits every week, she is projecting the Unemployment Insurance Trust Fund will run out of money by the end of this year.

Less than four months ago, that fund was expected to finish the year with nearly $450 million.

Once the fund is empty, the state will borrow from the federal Unemployment Trust to continue paying benefits to those still out of work.

- Contact reporter Geoff Dornan at gdornan@nevadaappeal.com or 687-8750.