Nevada unemployment steady in February
Submitted by editor on Fri, 03/27/2015 - 4:46pm
Nevada’s unemployment rate remained at a seasonally adjusted 7.1 percent in February, but is down 1.3 percentage points year-over-year. Las Vegas’ unemployment rate (not adjusted for seasonality) dropped to 7.2 percent, down three tenths of a point from January and 1.3 points from last year.
The Carson City MSA was home to the largest year-over-year decline of 1.9 points, for an unemployment rate of 8.1, down 0.4 percentage points relative to January. The Reno/Sparks area is also down three tenths over the month, to 7.1 percent, but is down 1.5 percentage points over the year.
“I’m pleased the labor market conditions in February remained stable and underlying trends demonstrate consistent, steady growth,” said Gov. Brian Sandoval. “Employment has increased on a year-over-year basis for the 50th month in a row. Additionally, this is the 31st month in a row that Nevada has outpaced the nation in job growth. I remain committed to ensuring that Nevada’s workforce is prepared to succeed in our diversifying economy."
Bill Anderson, chief economist for Nevada’s Department of Employment, Training and Rehabilitation, noted that job levels are up 36,900 relative to a year ago for a 3.1 percent gain. In total, February job levels were down a very slight 500, seasonally adjusted, relative to January.
However, Anderson pointed out that private sector employment actually grew by 2,100 over the month, a gain which was offset by a decline in the public sector.
“The overall trend in the state’s recovery is positive,” Anderson said. “All three metropolitan statistical areas gained employment on a year over year basis.”
The construction sector continued to lead the state in terms of percentage growth in February, up 5.3 percent relative to last year. This equates to an additional 3,200 construction jobs in the state. Leisure and hospitality employment experienced the largest nominal growth this month, adding 13,400 jobs to payrolls for a growth rate of 4.1 percent.
