According to the latest data from the Department of Employment, Training and Rehabilitation (DETR), the state’s headline or U-3 unemployment rate remained unchanged in September by holding steady at 4.5 percent over the month, but is down 0.4 percentage points over the year.
Initial claims for September unemployment insurance (UI) benefits totaled 8,290, the lowest September reading for initial claims since 1995 and the lowest nominal reading since August 1998. Initial claims decreased 13.5 percent compared to last month, and are down 8.6 percent year-over-year. Unemployment duration is also down to an average of 13.3 weeks, from 13.5 weeks a year ago. And, the UI benefits exhaustion rate is down nearly 2.8 percentage points over the year, at 33.4 percent of claimants exhausting their UI benefits. Nevada’s Unemployment Insurance (UI) Trust Fund ended the first half of 2018 with a balance of $1.29 billion, another record level.
Overall job growth is up 45,300 jobs and grew by 3.2 percent year-over-year. Nevada’s over the year job growth rate has remained at or over three percent since July of this year. Seasonally-adjusted employment grew by 2,800 jobs from August to 1,394,100. Job growth in September was primarily driven by the private sector, which added 2,300 seasonally adjusted positions. Nevada’s labor force of 1.49 million has increased by 2.8 percent over the year through the third quarter of 2018, compared to a one percent increase nationwide.
The manufacturing industry’s year-to-date average employment growth is experiencing record highs and is up nearly 14 percent (6,500 jobs) over the same period last year. The construction industry’s year-to-date average employment growth has seen the largest nominal gains over the same period last year, increasing by 7,500 jobs or 9.1 percent.