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Nevada Labor Market Briefing

Department of Employment, Training & Rehabilitation Dennis Perea, Interim Director Bill Anderson, Chief Economist David Schmidt, Supervising Economist Prepared by the Research and Analysis Bureau and presented to the Employment Security Council, Oct. 2014. Nevada Labor Market Briefing.

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Nevada Labor Market Briefing

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  1. Department of Employment, Training & Rehabilitation Dennis Perea, Interim Director Bill Anderson, Chief Economist David Schmidt, Supervising Economist Prepared by the Research and Analysis Bureau and presented to the Employment Security Council, Oct. 2014 Nevada Labor Market Briefing

  2. Unemployment Rate Ticks Down to 7.6%; About Half of Recession PeakNV vs. the U.S. Unemployment Rate (SA) 1

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

  4. 54K Nevadans are Unemployed Because They Lost Their Jobs; About Half the PeakJob “Losers” in Nevada (12-month moving average) 3

  5. 13K Nevadans Unemployed Because They Left Jobs Voluntarily; Encouraging UptrendJob “Leavers” in Nevada (12-month moving average) 4

  6. Long-Term Unemployment Half of PeakNevadans Unemployed for 27+ Weeks (CPS data; 12-month moving average) 5

  7. FT Employment on the Rise; PT Holds SteadyFull-Time vs. Part-Time Employment (CPS data; 12-month moving average) 6

  8. Including Discouraged Workers Adds About a Percentage Point to the “Official” RateAlternative Measures Of Labor Underutilization 7

  9. NV Adds 41,200 Jobs Relative to Year-Ago; Trending up for 44 monthsNonfarm Jobs in Nevada (SA) 8

  10. Job Growth Hovering in 3.5%-4% Range the Past Half-YearJob Growth (SA; year-over-year) 9

  11. NV on Pace to Add Close to 100K Jobs Since 2010Nevada Job Growth Since 2010 10

  12. Nearly All Sectors Contributing; PBS and L/H Lead the Way…10K New JobsYTD Job Growth by Sector 11

  13. NV Jobs up 3.6% Through First 8 mos. This Year; Double Growth in the USJob Growth (year-over-year) 12

  14. NV Job Growth Outpaces US in Nine of Ten Super SectorsYTD Job Growth; NV minus US 13

  15. Job Growth Stronger Than in 48 StatesJob Growth Rankings (# of states with slower private sector job growth than NV; 2014 YTD through IQ) 14

  16. Job Gains More Than Offset LossesBusiness Employment Dynamics: Private Sector Gross Job Gains vs. Gross Job Losses (SA) 15

  17. New Jobs > Losses From ClosingsBusiness Employment Dynamics: Gross Job Gains vs. Gross Losses in New & Closing Establishments(SA) 16

  18. Wages Expand by a Solid 2.7% During 2014:IQ; Strongest Gain in Five Qtrs.NV Avg. Weekly Wage Growth: Year-Over-Year 17

  19. New Hire Wages About Two-Thirds of Overall AverageAverage Monthly Wages 18

  20. Wages Rise with Age, Peaking with the 45-54 Year Old GroupAverage Monthly Wages by Age Group 19

  21. Number of Employers on the Rise; Up 12 Straight Qtrs.; Barely Below PeakNumber of Nevada Employers 20

  22. Nevada’s Economy Dominated by Small EstablishmentsNumber of Establishments by Employment Size 21

  23. Big Job Gain in Est. with 1,000+ Workers; Small/Mid-Size Est. also Solid2013:IQ-2014:IQ Job Growth by Establishment Size 22

  24. Small Business Adding Employment Since 2010Employment in Establishments with less than 100 Workers 23

  25. Job Levels Surpass Pre-Recessionary Peak in 2016/2017Total Jobs: History and Forecast 24

  26. By 2017, Nearly 40,000 Construction Jobs Added Since Bottoming OutConstruction Jobs: History and Forecast 25

  27. Going Forward, Growth Expected to Strengthen for Manufacturing JobsManufacturing Jobs: History and Forecast 26

  28. Retail Trade Should Continue Adding About 4,000 Jobs AnnuallyRetail Trade Jobs: History and Forecast 27

  29. Expectations are for an Additional 3,000 Healthcare Jobs per YearHealthcare/Social Assistance Jobs: History and Forecast 28

  30. AFS Jobs Have Reached Historical Peak; 40K Additional Jobs ExpectedAccommodation/Food Services Jobs: History and Forecast 29

  31. NV’s Unemployment Rate Trending Down…6.5% in 2015; 5.5% in 2016Unemployment Rate: History and Forecast 30

  32. 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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