Initial January unemployment claims in Nevada fall to 25-year low
CARSON CITY — Initial claims for unemployment insurance benefits in Nevada fell to 11,390 in January, down nearly 12 percent relative to last January’s reading, and the lowest reading for initial claims in the Silver State since 1994, according to figures released Wednesday by the Nevada Department of Employment, Training and Rehabilitation.
The ongoing decrease in unemployment claims continues the trend of year-over-year declines recorded in each month of 2018, said Jeremey Hays, Economist at DETR.
For context, the labor force in Nevada has nearly doubled since 1994. With this reading, the 12-month moving average of the claims activity is continuing its downward trend, nearing the 10,000-mark, with a reading of 10,210; down from 10,340 last month, he said.
"Other metrics that measure the health of the labor market reflect these positive trends as well. For instance, the exhaustion rate has fallen to 33.1 percent, down 1.8 percentage points over the year,” said Hays.
January Claims Highlights:
— Initial claims totaled 11,390 in January, down 560 claims, or 4.7 percent compared to December.
— Initial claims decreased twelve percent year-over-year, or 1,550 claims.
— The relative trend, expressed in the 12-month moving average of the series, has continued to trend down, with a reading of 10,210 this month.
— Average unemployment duration ticked up to 13.4 weeks, from 13.3 weeks a year ago.
— The exhaustion rate stands at 33.1 percent, 1.8 percentage points lower than last January.