Employment in Nevada is down 1,800 jobs over the month and up 30,800 over the year,the Nevada Department of Employment, Training and Rehabilitation’s (DETR) October 2019 economic report shows.
The state’s unemployment rate is unchanged from September, at 4.1 percent, and is down 0.3 percentage point when compared to last October, the department reported Nov. 13.
“This month’s economic report reflects positive growth in Nevada’s economy,” Nevada Gov. Steve Sisolak said in a news release. “Employment in the state continues to show increase over the year, exceeding the national job rate, while unemployment rate remains low and unchanged. I am pleased to see that we continue to increase the number of employers in our state. While the state’s labor market remains positive, we must continue our efforts to ensure ongoing job opportunities for all Nevadans.”
The department’s report also notes that Nevada’s Unemployment Insurance Trust Fund ended the third quarter of 2019 with a balance of over $1.85 billion, a record level.
“In October, Nevada’s employment growth fell to a lower level than we have seen over the past several years. Both the total change over the year as well as the growth rate were the lowest since 2013. However, October 2018 marked the first of four very strong months, making the year-ago comparison more challenging this month,” said David Schmidt, chief economist for the department.
“Also, while few industries show declines in employment, several are showing more moderate growth than we experienced earlier this year,” Schmidt said. “The unemployment rate held steady once again this month remaining relatively low, historically speaking. Additionally, unemployment insurance claims declined over the year and the number of employers in the State is at an all-time high. Overall, this month’s data paints a generally positive picture, though as in recent months the national outlook remains uncertain,”
Additional October report highlights:
■ Total employment rose by 2.2 percent over the year, growing at the low end of the range seen over the last year (2.2% – 4.1%).
■ Professional and business services added the most jobs out of all sectors, for the 12-month period ending in October 2019, increasing by an average of 11,300 jobs over the same year time the year prior.
■ As of October 2019, the number of unemployed Nevadans with disabilities totaled 6,700.
This is down from 10,820 in mid-2010.
■ Nevada initial claims for unemployment insurance totaled 9,735 and realized a year-over-year decrease this month, down 1.7 percent in October, or 165 claims.
■ The number of employers in the Nevada unemployment insurance system continued to set records in the third quarter of 2019, totaling 74,136 employers, an increase of 452 from the previous quarter.
■ Looking across the nation, Nevada ranks third in employer growth through the second quarter of 2019. Only Delaware and Idaho have reported higher growth rates over that span.
■ Year-to-date through October, 308,956 ads have been posted for jobs in Nevada, an increase of 53,818 (21.1 percent) from the same period last year.