Nevada jobs up over 2019 in June; unemployment holds at 4%

As of June, employment was up 45,500 jobs in Nevada over the year despite a dip of 4,000 jobs throughout the month of June, according to the state’s Department of Employment, Training and Rehabilitation’s June economic report.

It was welcome news, but the unemployment rate stayed at 4 percent from May and was down by .5 percent compared to June 2018.

The report also showed Nevada’s per capita income went to $49,458 in the first quarter of 2019, reaching 90 percent of the national level of $54,730.

“It is encouraging to see that June’s numbers reinforce the state’s strong employment growth over the year, a movement Nevada has experienced for more than eight consecutive years,” Gov. Steve Sisolak said in the statement from DETR. “Although there was a slight decline in employment over the month, our employment gains remain strong, and unemployment level remains low. While these numbers are encouraging, we must continue to be vigilant in our efforts to ensure all the benefit of these ongoing, positive conditions of our economy and current labor market are afforded to all Nevadans.”

All in all, June’s numbers in Nevada indicate an upward trend, according to a release from DETR on Wednesday.

“The decline in the construction industry’s employment over the month was led by a decline in employment in specialty trade contractors,” said David Schmidt, DETR chief economist.” With the strong demand we have seen in this industry, this month’s number is not likely to be the start of a new trend, but we will closely watch this data over the next several months. The unemployment rate remains relatively low at 4 percent, historically speaking. For the 12-month period ending in June 2019, the long-term unemployment rate, including those unemployed for 27 weeks or more, remains at .8 percent and is down 6.2 percentage points from the peak seen in 2011. Overall, the employment picture around the state continues to remain positive, but we will continue to monitor the labor market for signs of a turning point.”

The June report also showed total employment improved by 3.3 percent throughout the year, more than doubling the total U.S. growth rate of 1.5 percent. Professional and business services increased the most jobs within the 12-month period with 13,100 jobs.

Between the fourth quarters of 2017 and 2018, employers with 500 to 999 employees expanded to 7,100 new jobs, or 8.5 percent, which made for the greatest increase in businesses for 560 location.

DETR also reported the gap between the U.S. jobless and Nevada’s rate is the smallest it’s been since January 2008 at .3 of a percentage point. Also, Nevada’s longterm unemployment, or those who have been jobless for 27 weeks or more, stands at .8 percent, which remains the same since June 2018.

The rate for the veteran jobless has decreased from 4.9 percent in 2018 to 1.9 percent in 2018 and is below Nevada’s rate of 4.2 percent.