Nevada unemployment in May remains at 4.7 percent
Submitted by editor on Wed, 06/14/2017 - 3:56pm
Nevada’s unemployment for May 2017 remained unchanged from April at a rate of 4.7 percent, according to figures released Wednesday by the state's Department of Employment, Training and Rehabilitation.
This is the second straight month the unemployment rate in the Silver State has remained 9 percentage points below the recessionary peak of 13.7 percent. Nevada's unemployment is 0.4 of a percentage point higher than the national rate.
Further, May’s reading represents an over-the-year decline of 1.1 percentage points, and the 68th consecutive month of year-over-year declines of one point or more. Based upon recent trends, we expect this month’s over-the-year decline to be amongst the strongest in the nation, according to DETR.
“During the recession, Nevada lost a staggering 185,700 jobs. In the past six years, Nevada businesses have added back 215,600 jobs. Currently, our rate of growth is settling in at around 40,000 new jobs per year, which indicates a vibrant and healthy economy,” said Gov. Brian Sandoval. “Our private sector job growth is fourth-strongest in the nation, an incredible improvement from when the Silver State’s job losses were the most pronounced in the nation.”
In May, employment in the Silver State increased on a year-over-year basis for the 77th month in a row, said Bill Anderson, chief economist for Nevada’s Department of Employment, Training and Rehabilitation. Nevada has added 35,000 jobs since this time last year, a growth rate of 2.7 percent.
Nationally, employment increased by 1.6 percent over the year. May marks the 58th consecutive month that year-over-year job growth in the Silver State has outpaced the nation. Through the first five months of the year, jobs are up 39,300 on average relative to a year ago.
“This is perhaps the best barometer of underlying employment trends,” Anderson said. “The State lost 14.3 percent of its employment during the recession. As of May employment has increased 19.4 percent since the recession.”
KEY POINTS:
• Seasonally-adjusted employment is down 6,500 over the month, but up 39,000 year-to-date
• Employment has increased 19.4 percent, or 215,600 jobs, since the recession
• 76.1 percent of total employment is in full-time jobs, vs. 23.9 percent for part-time
• Nevada had the 4th-fastest growing private sector in the nation in 2016
• Small business employment averaged 603,000 in 2016, compared to 587,000 in 2015
• Weekly wages averaged $906 in 2016, a 3 percent gain from 2015
