The Nevada Department of Employment, Training, and Rehabilitation (DETR) released their November 2018 economic report, and it’s good news for the state’s recovery. Nevada added a seasonally adjusted 5,200 jobs between October and November, with a total year-over-year a gain of 51,900 jobs from November 2017. That’s the largest annual increase since 2006, and the fastest rate of growth since the end of the Great Recession as well. Though the “headline” unemployment rate stayed steady from October at 4.4%, that’s still a full half a percentage point lower than it was in November 2017.
Both private and public sector changes helped fuel this growth, with a majority coming from a private sector seasonally adjusted change of +3,600 jobs, with the Construction industry being the leader with a gain of 7,900 jobs. Not bad when the expected overall seasonal movement was -1,900.
Unemployment claims also made(recent) history, hitting a 13-year low for November. Relative to last year,unemployment claims are down by 11.6%, or 1,560 claims. This continues the downward trend of unemployment claims we’ve been seeing all year- check out the graph of claims activity that DETR provided.
The realignment of the retail industry is evident when you dig into the numbers: seasonal retail hires are at an 8-year low, and the wholesale industry hasn’t seen numbers this low since 2000. But other holiday-related sectors, including transportation and warehousing, helped push these jobs numbers to their record increases.
A few other highlights from DETR include a slight increase in average unemployment duration, from 13.3 weeks in November 2017 to 13.4 weeks this November, and a steady exhaustion rate holding at 33.2%, which is 2.6% lower than it was this time of year last year. Nevada’s labor economy is continuing to show strong signs of recovery.
Stay tuned for our updated Jobs Flash, with more detailed information and an analysis of the jobs market in Nevada.