Nevada’s Department of Employment, Training and Rehabilitation says Nevada's unemployment rate remained steady in May.
The rate for May was 4.7 percent, only 0.4 of a percentage point higher than the national rate.
“During the recession, Nevada lost a staggering 185,700 jobs. In the past six years, Nevada businesses have added back 215,600 jobs. Currently, our rate of growth is settling in at around 40,000 new jobs per year, which indicates a vibrant and healthy economy,” said Governor Brian Sandoval. “Our private sector job growth is fourth-strongest in the nation, an incredible improvement from when the Silver State’s job losses were the most pronounced in the nation.”
Bill Anderson, chief economist for Nevada’s Department of Employment, Training and Rehabilitation says employment during May increased on a year-over-year basis for the 77th month in a row. DETR notes that Nevada added 35,000 jobs with a growth rate of 2.7 percent. Nationally, employment increased 1.6 percent over the last year. Through the first five months of the year, jobs are up an average of 39,300 compared to last year.
“This is perhaps the best barometer of underlying employment trends,” Anderson said. “The State lost 14.3 percent of its employment during the recession. As of May employment has increased 19.4 percent since the recession.”
Following are some key points from DETR:
• Seasonally-adjusted employment is down 6,500 over the month, but up 39,000 year-to-date
• Employment has increased 19.4 percent, or 215,600 jobs, since the recession
• 76.1 percent of total employment is in full-time jobs, vs. 23.9 percent for part-time
• Nevada had the 4th-fastest growing private sector in the nation in 2016
• Small business employment averaged 603,000 in 2016, compared to 587,000 in 2015
• Weekly wages averaged $906 in 2016, a 3 percent gain from 2015
(Nevada’s Department of Employment, Training and Rehabilitation contributed to this story)
