Nevada's 8.5 percent unemployment rate remains unchanged in March
Submitted by Jeff Munson on Fri, 04/18/2014 - 6:40am
Nevada’s unemployment rate remained at a seasonally-adjusted 8.5 percent for March, the same as February, and down from 10.2 percent year-over-year, according to figures released Friday from the state's Department of Employment, Training and Rehabilitation.
March figure equates to 117,000 Nevadans out of work. Metro area unemployment rates for Carson City, Reno and Las Vegas will be available next week.
Nonfarm employment in Nevada rose by 4,700 jobs over-the-month on a seasonally adjusted basis in March. The private sector added 5,100, while the public sector cut 400.
In March, Nevada’s job base increased 3.8 percent since last year, and for the last 20 months has grown at a faster pace than the nation.
“Nevada’s labor force has been trending up in 2014,” said Bill Anderson, chief economist for Nevada’s Department of Employment, Training and Rehabilitation. “It has grown by 16,100 since December, and the year-over-year reading in March was up 2,700 from 2013, the first yearly increase since April 2011. Nevada continues to show indication that its economy is moving in the right direction.”
Total employment in Nevada’s economy is projected to grow by about 61,000 jobs through 2015 to reach an
average of 1,218,700; this represents a 5.3 percent increase.
Specifically, growth rates of 2.5 percent for 2014 and 2.7 percent for 2015 are expected. Some of the fastest projected growth will occur in accommodation and food services, construction, and retail trade. Together these three industries are expected to account for over 55 percent — nearly 34,000 — of all new jobs during this period, Anderson noted.
