Nevada Employment Growth Softened Prior to COVID-19

Posted on by & filed under Nevada by the Numbers Blog.

According to the Nevada Department of Employment, Training and Rehabilitation’s (DETR) February 2020 economic report, employment in Nevada is down 1,000 jobs over the month but up 18,300 over the year, a growth rate of 1.3 percent. This marks the first time since July 2012 that Nevada employment grew at a slower rate than the national average. The state’s unemployment rate was 3.6 percent, unchanged from January and down half a percentage point when compared to last February.

It worth noting that the state’s employment and unemployment data is measured as of the week that includes the 12th day of each month, so these statistics reflect a period before COVID-19 had any significant effect on employment  in Nevada.

The seasonally adjusted job loss in February was due to the private sector workforce missing expectations. Construction added the most jobs out of all sectors, for the 12-month period ending in February 2020, increasing by an average of 6,500 jobs over the same time in the year prior. February also marked 110 consecutive months of year-over-year job gains.

DETR’s report also notes that Nevada’s Unemployment Insurance (UI) increased by a little more than 500 claims, or 5.7 percent over the year. The 12-month average level of initial claims continued to trend below 10,000.