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Nevada's May unemployment rate sees slight increase
Statewide unemployment in May increased slightly to a seasonally-adjusted 6.1 percent, according to figures released Wednesday through Nevada's Department of Employment, Training and Rehabilitation.
Overall, however, the May rate decreased relative to May last year by 0.8 of a percentage point, the 63rd consecutive month the unemployment rate in the Silver State decreased on a year-over-year basis.
“I’m disappointed that Nevada experienced a slight uptick in the unemployment rate for the month of May. We are experiencing dynamic population growth once again and I am hopeful that our robust economic development efforts coupled with existing business expansion will help reduce unemployment moving forward,” said Gov. Brian Sandoval. “It is clear that more work must be done and I am committed to creating an environment where every Nevadan who wants a good job can find one.”
Over the month, payrolls decreased by a seasonally-adjusted 3,800 jobs, the largest monthly decrease since September 2010, said Bill Anderson, chief economist for Nevada’s Department of Employment, Training and Rehabilitation. Payrolls were expected to increase by 6,600 (not seasonally adjusted), but 2,800 jobs were actually added, leading to the seasonally adjusted decrease relative to April.
“Job trends nationally were also weak in May. All things considered, we suggest that not too much be read into this month’s decline in jobs in Nevada,” Anderson said. “Weakness was concentrated in a single industry, administrative services, and underlying trends remain encouraging. With that said, we will be paying close attention in the months ahead for any further signs of softening.”
The U.S. rate decreased from last month, at 4.7 percent – 1.4 percentage point lower than the Nevada rate – this compares to a 4.4 percentage-point differential at the height of the recession. The decline in the national rate was the result of a decline in the labor force. In Nevada, the labor force held steady during May.
Over the course of the recovery, Nevada’s labor force has grown markedly, suggesting that those seeking work are growing increasingly confident of their job prospects.