Nevada Unemployment Ticks Up in July

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

According to the latest statistics from Nevada’s Department of Employment, Training, and Rehabilitation (DETR), the state’s unemployment rose 0.1 points to 4.1% in July. That figure is still down .4 points on a year-over-year basis.

Nevada’s Unemployment Insurance Trust Fund ended the second quarter of 2019 with a balance of over $1.52 billion, which would cover nearly 17 months of benefits if a similar recession to the Great Recession were to occur.

The state added 5,200 seasonally adjusted jobs over the month and 43,400 over the year. That comes out to 3.1% annual growth, more than double the current 1.5% U.S. growth rate.

Using a 12-month average through July of this year over the same time last year, the manufacturing industry experienced the fastest growth rate of any industry, up 12.8 percent, after adding 6,700 jobs. The construction industry is growing by 11.1 percent and has added 9,600 jobs when compared to the same period last year. The professional and business services industry has added the most jobs, with a gain of 13,100 or 7.1 percent. Leisure and hospitality grew by 1.7 percent and added 5,900 jobs.

You can see the rest of Nevada’s labor market overview for July here.