Nevada unemployment in August dips to 4.5 percent, lowest since July 2007
Submitted by Jeff Munson on Wed, 09/19/2018 - 7:30am
CARSON CITY — Nevada's unemployment rate decreased by another 0.1 percentage point in August 2018 to 4.5 percent, the lowest rate seen since July 2007, according figures released Wednesday by the state's Department of Employment, Training and Rehabilitation.
Overall job growth is up 44,800 jobs and grew by 3.3 percent year-over-year. The last time Nevada experienced a stronger over the year growth rate was in June 2017, according to the DETR August 2018 economic report.
“With another drop in the unemployment rate, increased full-time employment, and a positive outlook for career opportunities in the well-paid jobs of the future, this month’s report highlights how our strong economic growth is benefitting Nevadans across the state,” Gov. Brian Sandoval said. “We must continue to build our state's economy to help ensure Nevada's long-term economic health and future.”
DETR’s report also notes the state's average weekly wages, recently released for the first quarter of 2018, averaged $977 during the first quarter of 2018. This compares to $931 during the same period last year, an increase of $46, or 4.9 percent, year-over-year.
This establishes a new record high, exceeding the previous $955, set in the 4th quarter of 2017. Additionally, wages have increased by an average of approximately 12.7 percent since 2014. During that same time, the increase in consumer prices or inflation, has grown at an average rate of 5.9 percent, suggesting that wages are growing in “real” terms, when adjusted for inflation.
“Following last month’s strong employment report, August’s over the month job numbers returned to a more typical trend in growth. However, with the U.S. unemployment rate remaining steady at 3.9 percent, Nevada narrowed the gap again, falling to 4.5 percent, or just 0.6 percentage points above the U.S.,” said David Schmidt, Chief Economist for DETR. “The labor market in Nevada continues to tighten, reflected in declining unemployment, still fewer claims for unemployment benefits, and growth in average wages over the year. Overall, the employment picture around the state continues to reflect a strong, growing, and diversifying economy.”
Additional August Economic Report Notes:
— The Statewide unemployment rate declined by 0.1 percentage point over the month, the fourth decline seen so far this year.
— Unemployment in all age groups is on the downward trend.
Over the month, seasonally-adjusted employment grew by 1,200 jobs to 1,389,400.
— The state added 44,800 jobs over the year (seasonally-adjusted).
— As of August 2018, Nevadans employed full-time totaled 1,128,760 representing a new all-time high. This is up from 1,036,030 a year ago.
— The manufacturing industry’s year-to-date average employment growth is experiencing record highs and is up 14 percent (6,500 jobs) over the same period last year.
— Year-to-date, the construction industry has seen the largest employment gains over the same period last year, increasing by 7,300 jobs or 8.9 percent.
— Initial claims for unemployment insurance (UI) benefits decreased by 10.7 percent in August, relative to the same month last year, at 9,580 claims, the largest year-over-year decrease in claims since March of 2017.
— Year-to-date through August, 196,363 ads have been posted for jobs in Nevada, an increase of 48,600 (33 percent) from the same period last year.
