Las Vegas, NV (KXNT) - Employment in Nevada increased over the month by 9,200 jobs as the state continues to recover.
That said, jobs still remain well below typical levels; Nevada has 109,500 fewer jobs than in November 2019, for an annual job growth rate of -7.7% according to the Nevada Department of Employment, Training and Rehabilitation’s (DETR) November 2020 economic report. The total employment level in the State is 1,317,800. The state’s unemployment rate in November is 10.1 percent, an improvement from 11.9 in October but 6.4 percentage points higher when compared to November 2019.
“I’m encouraged to see that Nevada is continuing to add back jobs,” Director Elisa Cafferata said.
DETR’s report also notes that Nevada’s Unemployment Insurance (UI) initial claims decreased by 13.9% over the month to 32,613 claims, the fewest claims filed in a month since the beginning of the pandemic.
“This month Nevada continued to experience a rebound in employment and unemployment, on par with the trend since August. Employment rose by 9,200 jobs while the unemployment rate fell to just over 10 percent. Of particular note among industry employment figures are the nondurable goods manufacturing industry, which rose to its all-time high in November and the full-service restaurant industry, which returned to pre-COVID levels over the last two months. Retail and wholesale trade saw stronger increases in employment than normal seasonal patterns, while accommodation saw sharper declines than normal,” said David Schmidt, Chief Economist for DETR.
Highlights from the report include,
o Nevada jobs are up by +0.7%, while US jobs are up by +0.2% from October to November.o Trade, Transportation, & Utilities added the most jobs (+4,900) over the month.o Management of companies and enterprises (-20.1%) and educational services (-16.2%) are down the most since the same time last year.o The unemployment rate in Nevada is higher than the national rate in November and is at 10.1% on a seasonally adjusted basis and 9.9% on an unadjusted basis; the national rate was 6.7% adjusted and 6.4% unadjusted.