Nevada's February unemployment falls to 5.9 percent
Nevada’s unemployment rate fell in February to a seasonally adjusted 5.9 percent, the first time in eight years that the rate has fallen below 6 percent, according to figures released Wednesday by the state's Department of Employment, Training and Rehabilitation.
The U.S. rate is unchanged from January, at 4.9 percent, one point lower than the Nevada rate. This is the smallest differential in eight years.
“I’m extremely encouraged by the labor market news this month,” said Gov. Brian Sandoval. “The unemployment rate fell below 6 percent for the first time since April 2008. The long-term jobless rate, for those without a job for at least a half-year, has tumbled from 7 percent, at the height of the recession, to less than 2 percent. The number of Nevadans unemployed because they involuntarily lost their jobs has tumbled from nearly 120,000 when the recession was at its worst, to less than 40,000 over the past year. We will continue our efforts in improving our economy so that even more Nevadans can get back to work and provide for their families.”
The number of unemployed decreased to 85,000 in February, down from last month’s total of 89,400, said Bill Anderson, chief economist for Nevada’s Department of Employment, Training and Rehabilitation. Over-the-year, the number unemployed persons is down 14.7 percent.
In terms of employment growth, for the 62nd month in a row, employment in Nevada has increased on a year-over-year basis.
“February brought more good news for Nevada’s employment growth,” Anderson said. “In February, there was a seasonally adjusted increase of 1,700 jobs relative to January. The Silver State experienced a 2.3 percent growth rate over the year, up 28,700 jobs. Construction, the hardest hit sector during the recession, continued to lead the state in terms of percentage growth. Year-to-date, it is up 8.3 percent relative to the first two months of last year, which equates to an additional 5,400 construction jobs in the state. Trade, transportation, and utilities employment experienced the largest nominal growth this month, adding 9,900 jobs to payrolls year-to-date, for a growth rate of 4.2 percent.”