Nevada Jobs Market Report (July)

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

Nevada’s “headline” unemployment rate fell to a seasonally adjusted 6.8% in July 2015. Relative to July 2014, the Nevada economy added 45,500 payroll jobs and the unemployment rate fell by 0.8 points.

However, the U-6 rate (which includes unemployed, marginally-attached and forced part-time workers) for Q2 remains high. In fact, it is the nation’s highest. Still, the Y-O-Y inflation-adjusted average weekly wage increased 5.5% and YTD job growth is 0.3 points faster than during the same period last year.

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Las Vegas

The Las Vegas MSA “headline” unemployment rate remained 7.0% in July. Compared to July 2014, the economy added 29,500 new payroll jobs. The average weekly inflation-adjusted wage has also risen by $25.69 (4.2%) since July 2014.

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While these signs are generally positive, the Las Vegas economic recovery is largely being held back by the high percentage of part-time jobs, seen in the Nevada U-6 rate below, which the Las Vegas MSA drives because of its large job market. Note that average weekly hours worked is down from last month and down from one year ago, as well.

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The Reno-Sparks MSA “headline” unemployment rate decreased 0.1 points to 6.3% in July. The Reno-Sparks MSA continues to beat its 2014 YTD job growth pace by 0.5 points. The region’s recent economic development successes continue to drive growth, creating 5,500 new payroll jobs compared to July 2014.

Still, job growth must ramp up to reach levels on par with the February 2006 peak. That growth could come in the next year or so, with the arrival of the Tesla Gigafactory and associated firms.

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Read our entire Job Flash report – with even more numbers including the year over year changes by sector.