Nevada's Unemployment Rate Drops in May

By: Press Release Email
By: Press Release Email

Senate Majority Leader Harry Reid (D-NV):

“Today’s report shows that Nevada is on the right track toward a full economic recovery. In order to continue down this path, we must invest in fiscal policies that will ensure job creation, and spark economic activity—like investing in transportation, and other infrastructure projects that will revitalize communities throughout the Silver State.

I hope Republicans will join Senate Democrats in supporting the EXPIRE Act, a bill that cuts taxes for homeowners and families, students and teachers, small businesses and large employers. These tax cuts will help sustain this recovery. And I urge my Republican colleagues to join to provide all Americans with a fair shot at economic success, so that everyone will benefit from a faster, fuller economic recovery. We still have much work to do, and as always, I remain committed to support programs that bring federal dollars back to Nevada to ensure our full economic recovery is a reality.”

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.

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