Nevada employers add 3,800 jobs in January, unemployment rate unchanged
Submitted by editor on Wed, 03/06/2019 - 1:02pm
CARSON CITY — The Silver State added 3,800 jobs the first month of 2019 and 53,300 jobs over the past year, according to the Nevada Department of Employment, Training and Rehabilitation’s January 2019 economic report.
The 53,300 jobs over last year was the largest annual increase in over 12 years. The state’s unemployment rate in January 2019 was unchanged over the month, remaining at 4.4 percent. Compared to last January, the state’s unemployment rate is down 0.4 percentage point.
“This month’s report highlights a variety of encouraging trends showing our strong economic growth across the state,” Gov. Steve Sisolak said. “We must continue to fortify our state's economy to ensure a positive outlook for career opportunities in well-paying jobs for Nevadans and safeguard the state's on-going economic health and future.”
DETR’s report also notes that estimates show that initial claims for unemployment insurance benefits totaled 11,390 this month. This is the lowest reading for initial claims in the Silver State since 1994.
With employment continuing to grow at a steady pace and with the unemployment rate remaining unchanged in January, a stable labor market is reflected in Nevada as job seekers continue to enter the labor market at a rate similar to the rate at which jobs are being created, said David Schmidt, Chief Economist for DETR.
"Initial claims are the lowest levels that they have been in a couple decades and the number of employers in the State has reached an all-time high," he said.
Schmidt noted that even in this strong labor market Nevada still has opportunities for improvement. For example, the state's rate of involuntary part time unemployment — those who are working part-time but want to be working full-time — is the second-highest in the nation at 3.7 percent of our labor force.
Additional January Report Highlights:
— Total employment rose by 3.9 percent over the year, at the high end of the range seen over the last year (2.8 – 3.9 percent), and more than double the current U.S. growth rate of 1.9 percent.
— Gross job gains in construction at expanding or opening private sector establishments totaled 9,890 in the second quarter of 2018, 13 percent of the total private sector gains in Nevada.
— Employment trends show from the low point of the recession until now, employment growth in almost all of Nevada’s industries has exceeded the growth based on national trends in those same industries nationwide.
— The unemployment rate in Nevada held steady at 4.4 percent from December to January. This is down from 4.8 percent a year ago, and is the lowest rate since June 2007, nearly eleven years ago.
— The labor force in Nevada and in the nation, are attaining more higher education, as illustrated by the growing percentage of workers with bachelor’s degrees or higher. Nevada has seen an increase from an estimated 16.4 percent in January 1995 to approximately 25 percent in January 2019.
— Initial claims for unemployment insurance (UI) benefits fell to 11,390 in January, down nearly 12 percent relative to last January.
— Nevada’s UI Trust Fund ended 2018 with a balance just over $1.48 billion, another record level. The number of employers in the Nevada UI system reached another all-time high in the fourth quarter of 2018, at nearly 72,000. Relative to the same quarter in 2017, the number of employers has increased by over 3,000, or 4.4 percent.
— Year-to-date through January, 25,903 ads have been posted for jobs in Nevada, an increase of 10,981 (74 percent) from the same period last year.
- Carson City
- $12
- 000
- 2017
- 2018
- Balance
- Business
- Career
- carson
- City
- construction
- december
- DETR
- Economy
- Employers
- Employment
- Growth
- Health
- Higher Education
- insurance
- Job
- Market
- Nevada
- Nevada employers
- opening
- positive
- reading
- recession
- Show
- silver
- state
- strong
- training
- U
- Workers
- Education
- GROW
- jobs
- unemployment
