Nevada’s unemployment rate declines in December and for all of 2016
Submitted by editor on Tue, 01/17/2017 - 9:22am
Statewide, the unemployment rate fell to a seasonally-adjusted 5.1 percent in December, down 0.1 of a percentage point from November, the lowest it has been in nine years, according to figures released Tuesday by the Nevada Department of Employment, Training and Rehabilitation.
Additionally, the Silver State added a seasonally-adjusted 3,400 jobs relative to November.
“I’m pleased with the manner in which Nevada’s labor markets closed out the year in 2016,” said Gov. Brian Sandoval. “Job growth continued for the 72nd consecutive month. We’ve established a new employment record.
The unemployment rate fell from a year ago for the 70th straight month. Wages, small business employment, and the number of employers all stand at record highs. I’m committed to our continued momentum of supporting job growth so that every Nevadan is able to find employment.”
On a year-over-year basis, the unemployment rate in the Silver State is down 1.2 percentage points over December 2015, said Bill Anderson, chief economist for the Research and Analysis Bureau of Nevada’s Department of Employment, Training and Rehabilitation.
For all of 2016, preliminary estimates suggest that the unemployment rate averaged 5.8 percent. This equates to a decrease of nearly 1 percentage point from 2015’s rate of 6.7 percent.
“All things considered, Nevada’s performance on the jobs front, not just in 2016, but stretching over the entire recovery period, has been impressive,” Anderson said. “After losing 186,000 jobs off of the pre-recessionary peak during the downturn, the Silver State has added 195,000 jobs since September 2010.”
Relative to 2015, Nevada gained an additional 32,500 jobs, an increase of 2.6 percent, according to initial estimates. The trade/transportation/utilities sector realized the largest increase in terms of nominal growth during 2016, up 9,000 jobs, an increase of 3.8 percent relative to 2015. Construction was the fastest growing of all the industrial supersectors in terms of percentage growth, up 10.4 percent over 2015, which equates to a gain of 7,200 jobs.
“Seasonal holiday-related hiring is notable during the final months of every year. This year, initial estimates suggest that those industries in which the bulk of holiday hiring occurs added about 8,000 jobs from September to December,” Anderson said.
