Nevada unemployment insurance fund ends first quarter with record balance
Submitted by editor on Wed, 05/16/2018 - 8:51am
CARSON CITY — Nevada’s Unemployment Insurance Trust Fund Ends First Quarter with Record Balance of $1.1 billion, while the state added 4,300 jobs and unemployment remains unchanged at 4.9 percent, according to the Department of Employment, Training and Rehabilitation’s April 2018 economic report.
“As the first quarter of the year closes, I am encouraged by the Nevada’s Unemployment Insurance Trust Fund ending record-high balance of $1.3 billion, the highest solvency level in the fund’s history,” said Gov. Brian Sandoval. “The record-high number of employers in the State’s UI System in the first quarter is also promising, as this contributes to the State’s Trust Fund fortifying Nevada’s position in the next recession, something we have been working on for the last 10 years.”
DETR’s report also notes that the total number of employers participating in the state’s unemployment insurance system rose above 70,000 for the first time at the end of the first quarter. This continued growth in the number of employers in the state helps drive total employment growth, at 3.4% in April, a rate that’s more than double the national rate of 1.6%.
“Although we are not seeing substantial changes in April, the state employment remains robust with an increase of 40,300 more Nevadans in the labor force, either working or actively seeking employment.” said David Schmidt, Chief Economist for DETR. “The state’s total labor force at 1,488,829, is up about 12,000 from January. At this rate, the state will undoubtedly have a total labor force of over 1.5 million before the end of the year.”
Additional April Economic Report Notes:
— Seasonally adjusted employment rose to 1,376,000, a growth of 3.4 percent over the year, compared to employment growth of just 1.6 percent nation-wide.
— Nevada added 43,000 unadjusted jobs over the year, a growth rate of 3.2 percent.
— Manufacturing has grown at the fastest rate, expanding by 14.3 percent year-to-date, with construction’s job gains corresponding to a gain of 9.4 percent.
— The number of employers in Nevada’s UI system reached an all-time high in the first quarter of 2018, at 70,600.
— Nevada’s unemployment rate has remained at 4.9 percent, unchanged since August of last year.
— The unemployment rate for women stands at 4.8 percent in April, down from 5.2 percent a year ago. The rate for men fell to 5.4 percent, from 5.6 percent last year.
— Over the year ending March, there was an average of 5,500 discouraged workers (Nevadans who are out of work and not currently looking because they believe there are no jobs available to them) in Nevada, down from 12,500 during the recession.
— April’s initial claims for unemployment insurance totaled 9,980, a decline of 5.1 percent from the previous year.
