Nevada's Unemployment Rate Drops in May

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Nevada’s Unemployment rate went down to 7.9 percent in May. According to Nevada’s Department of Employment, Training and Rehabilitation, this is the lowest rate in nearly six years. But, number of unemployed individuals stands at 108,000, which is 19,000 less than May 2013.

Governor Brian Sandoval said, “Although encouraging, there remains much work to be done. We must continue our economic development and diversification efforts until the needs of Nevada’s unemployed and underemployed have been met.”

Bill Anderson, chief economist for DETR said, “While Nevada’s unemployment rate is still among the highest in the country and higher than the nation’s 6.3 percent rate, all indications suggest the state’s economy is on the mend.”

All of Nevada’s metropolitan statistical areas (MSA) experienced job growth in May relative to a year ago. The Las Vegas MSA, the largest in Nevada, added 25,900 jobs relative to May of 2013, a growth rate of 3.1 percent. Reno recorded the highest year over year growth rate this
month at 3.6 percent, adding 7,100 jobs to non-farm payrolls. Finally, Carson City added 200 jobs bringing its growth rate to 0.7 percent on an annualized basis.

Nevada was expected to grow by 5,900 jobs in May (not seasonally adjusted). However, actual growth totaled 8,300 jobs, which resulted in a 2,400 seasonally adjusted gain, Anderson said.