Nevada’s “headline” unemployment rate rose to a seasonally-adjusted 6.4% in June 2016. However, relative to one year ago (June 2015), Nevada added 31,500 private payroll jobs and the unemployment rate fell by 0.4 points.
Nevada’s U-6 rate (a fuller measure of unemployment that includes unemployed, marginally attached, and forced part-time workers) in Q2, 2016 was 13.1%. This is a decline of 0.3 points from Q1, but remains the nation’s highest.
When the U-6 rate falls below 7% or 8% in a large majority of states, we will have truly normalized. Until then, we cannot say the country has achieved full and sustained economic recovery.
The following graph shows that just 21 states have a U-6 rate below 9% as of Q2 2016 and that 22 states have a U-6 rate at or above 10% (click on the image to enlarge the graph):
Here is how Nevada’s U-6 rate stacks up to the other Mountain West states as well as to the U.S. average:
Click here to view our full Nevada jobs report for June and don’t hesitate to contact us with questions.