Nevada unemployment figures edge up slightly in August to 4.9 percent
Nevada’s unemployment rate in August edged up slightly to 4.9 percent, the highest it has been since February of this year but below August of 2016 where the unemployment rate was 5.5 percent, according to figures released Wednesday by the state's Department of Employment, Training and Rehabilitation.
Despite the increase of 0.1 of a percentage point from July, the rate remains 0.6 of a percentage point below the August 2016 reading, said Bill Anderson, chief economist for DETR.
The state’s labor force has grown by more than 16,000 so far in 2017, which may attribute to the slight uptick in the unemployment rate.
“The movement of the unemployment rate upward this month suggests more Nevadans are less discouraged and are now searching for work as they see the positive job prospects in the Silver State,” said Gov. Brian Sandoval. “I am pleased at the progress that we are making in the Silver State in adding jobs and getting people back to work. “Nevada continues to show signs of positive progress including having the fastest growing economy in the nation and a record number of jobs including an all-time high number of small business opportunities.”
Unemployment also increased 0.1 percentage point nationally in August, reaching 4.4 percent. Thus, the gap between Nevada and the U.S. remains steady at 0.5 of a percentage point.
“Nevada continued expanding employment in August, adding 2,700 to payrolls over the month to reach nearly 1.35 million jobs, seasonally adjusted,” Anderson said. “The private sector added 2,600 jobs, while the public sector gained 100. The State was expected to gain 3,200 jobs, based upon historical trends, but actually added 5,900, resulting in the seasonally-adjusted increase.”
KEY POINTS
• Nevada had the fastest-growing private sector in the nation in the first quarter of 2017.
• Nevada’s GDP grew at 3.7 percent over the year in the first quarter of 2017, compared to 1.9 percent for the nation.
• Average wages reached $931 per week, the highest nominal first quarter reading on record.
• The number of employers in the Silver State’s unemployment insurance system is at a new record high of 68,950, marking 24 consecutive quarters of year-over-year growth.
• Seasonally-adjusted employment is at a new record high of nearly 1.35 million jobs in August, after adding 2,700 over the month and 38,800 over the year.
• Currently, 76.4 percent of jobs in the Silver State are full-time, while part-time jobs make up 23.6 percent.
• Nevada’s small business employment reached a new first quarter record, with 610,000 jobs.