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Nevada Labor Market Briefing: May 2014

Department of Employment, Training & Rehabilitation Dennis Perea, Interim Director Bill Anderson, Chief Economist Prepared by the Research and Analysis Bureau. Nevada Labor Market Briefing: May 2014. State Unemployment Rate. 7.9% Unemployment Rate (SA 1 )

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Nevada Labor Market Briefing: May 2014

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  1. Department of Employment, Training & Rehabilitation Dennis Perea, Interim Director Bill Anderson, Chief Economist Prepared by the Research and Analysis Bureau Nevada Labor Market Briefing:May 2014

  2. State Unemployment Rate • 7.9% Unemployment Rate (SA1) • Down 0.1 point from April; down from 10.1% a year ago • Since the beginning of 2013, month-to-month declines recorded in 15 of 17 months • Compares to a 6.3% rate for the U.S.—1.6 points higher • At height of recession, NV’s rate was 4+ points higher than the nation’s 1seasonally adjusted

  3. Unemployment Rate Falls Below 8%; First Time Since September 2008NV vs. the U.S. Unemployment Rate (SA)

  4. NV’s Rate is 2nd Highest in the NationUnemployment Rate Rankings (SA)

  5. About 30% of the Unemployed Receive UI BenefitsUnemployment Ins. Recipients vs. Total Unemp.

  6. States Most Impacted by the Housing Bust Have Higher Unemployment RatesState Unemployment Rates vs. Housing Prices

  7. Un. Rate Falls as Ed. Attainment Rises NV Unemployment Rates by Educational Attainment: 2013

  8. State Employment (SA) • Non-Farm Job Levels Up 45,800 Relative to a Year Ago • Largest gain since September 2006 • Up 2,400 Over the Month • 5,900 (NSA2) jobs were expected to be added based upon historical trends, but 8,300 were actually added, resulting in the seasonally adjusted gain • Tenth consecutive monthly gain 2not seasonally adjusted

  9. NV Adds Jobs Relative to Year-Ago for 41st Straight MonthNonfarm Jobs in Nevada (SA)

  10. Job Gains Settling in at about 40,000 Over the Year; Near 4%Job Growth (SA; year-over-year)

  11. NV Job Growth Twice the National Avg.Job Growth (Year-Over-Year)

  12. New Jobs > Losses From ClosingsBusiness Empl. Dynamics: Gross Job Gains vs. Gross Losses in New & Closing Establishments(SA)

  13. Nearly All Sectors Contributing to GainsYTD Job Growth by Sector

  14. Recent Job Estimates Appear to be Several Thousand too HighQCEW vs. CES Year-over-Year Job Growth (Private)

  15. Wages Expand; Fail to Keep Up With InflationNV Avg. Weekly Wage Growth: Year-Over-Year

  16. Number of NV Employers is on the RiseNumber of Nevada Employers

  17. For Additional Information, Please Contact: Nevada Department of Employment, Training and Rehabilitation Research and Analysis Bureau Bill Anderson Chief Economist wdanderson@nvdetr.org (775) 684-0450 http://www.nevadaworkforce.com follow us on Twitter @nvlabormarket

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