Headline Jobless Rate Drops, New Workers Pour Into Nevada

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

Nevada’s headline unemployment rate has dropped to 6.8%, according to a Wednesday release by the Department of Employment, Training and Rehabilitation. The national rate is 5.3%.

New job formation was 3.7%, beating the national average which is approximately 1.5%. In July, Nevada employers added more than 45,000 jobs year over year (YoY), the second-largest gain since mid-2006 and the 55th straight month of year-to-year job growth.

Construction led in percentage growth, adding 10.7% or 6,800 jobs. Leisure and hospitality saw a growth rate of 6%, which amounts to more than 20,000 new positions.

The caveat?

32,700 new workers poured into Nevada’s labor force in July, expanding the labor pool by 2.3 percent% to 1.43 million.

Caveat #2?

Nevada’s U-6 jobless rate, which includes discouraged workers who have quit looking for jobs and underemployed part-timers who would rather work full time, averaged 15.2% percent from mid-2014 through mid-2015, according to the U.S. Bureau of Labor Statistics.

Approximately 97,000 Nevadans were unemployed and looking for work in July, compared with nearly 200,000 in 2010.