Nevada adds 9,500 jobs in July, unemployment dips to 4.6 percent
CARSON CITY — July economic figures show a gain of more than 9,500 jobs for the month, adding to the overall job growth increase of nearly 46,000 jobs this year or 3.4 percent growth, according to figures released Wednesday by the Nevada Department of Employment, Training and Rehabilitation.
The Silver State's unemployment rate decreased by another 0.1 percent to 4.6 percent, the lowest level since August 2007.
“This month’s record numbers in job growth, number of employers in the state’s Unemployment Insurance System and Nevada’s Trust Fund balance at nearly $1.3 billion, is encouraging for our state and continues to strengthen Nevada's economic standing,” said Gov. Brian Sandoval. “Combined with a diminishing unemployment rate, the Silver State continues to build on our position for the future.”
DETR’s report also notes that the unemployment rate in the state fell for the third straight month to 4.6 percent, with the decline of 0.1 percentage point matching the change in the national rate. Additionally, total unemployment fell below 70,000 for the first time since January 2008 to 68,396.
Nevada’s unemployment rate is currently 0.8 points above the state’s all-time-low rate (3.8 percent). Unemployment is now down 9.1 points from its all-time high, hit during the recession where it was 13.7 percent.
“This month's report continues to show a strong labor market in the state, with the largest employment increase in two years, and another decline in the state unemployment rate,” said David Schmidt, Chief Economist for DETR. “In addition, while the month to month numbers can be volatile and subject to revision, the fact that the employment change from June to July is currently the second-largest such increase since the end of the recession highlights the strong private sector job growth Nevada continues to experience.”
Additional July Economic Report Notes:
— Unemployment declined by 0.1 percentage point, the third decline seen so far this year
— The last time Nevada’s unemployment rate was this low was August, 2007
— July’s (seasonally-adjusted) over-the-month job gain of 9,500 was the largest over-the-month increase (next to July 2016) since the end of the recession
— The state added 46,000 jobs over the year (seasonally-adjusted)
— Manufacturing employment has grown by 14 percent year to date
— Another record-high number of employers in Nevada’s unemployment insurance system, at 70,960 at the end of 2018’s second quarter.
Nevada’s Trust Fund balance is at nearly $1.3 billion at the end of the 2nd quarter.