Nevada's Unemployment Rate Hits Record Low

Most Of The New Jobs Are Construction-Based

Mitch Kelly
March 05, 2020 - 6:12 am

Photo Courtesy: USA Today

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LAS VEGAS, NV (KXNT) - It looks like the unemployment rate for Nevada is the lowest it's ever been dating back to the 70's.  

Yesterday the Nevada Department of Employment said that the unemployment rate for the first month of the 2020 year was 3.6-percent, and that the state is up 39-hundred jobs.

“I am excited to see January’s numbers reflect that Nevada’s unemployment rate has hit its all-time low and that our employment growth is ongoing,” Gov. Steve Sisolak said in a statement. “As Nevada continues to grow, we must look to the future and continue working to provide every jobseeker in Nevada with access to high-quality jobs in this economy.”  

The report also stated that construction added the most jobs out of all the sectors, with more than 6,700 jobs added.

Meanwhile, unemployment claims in the state have dropped by over 2,500 month to month. The 12-month average level of initial claims continues to trend below 10,000, only the third time since March 1999, DETR reported.

“January’s 3.6 unemployment rate is the lowest rate dating back to 1976 and is down over 10 percent from its all-time high. For the first time since July 2007, there is no longer a gap between Nevada’s unemployment rate and the nation’s. With a historically low unemployment rate and unemployment insurance claims also at historic lows, the tight job market is likely making it challenging for businesses to find workers. Competition for this diminishing pool of unemployed job seekers should continue to support rising wages and expanding job opportunities for anyone looking to enter the job market or pursue a better career, particularly younger jobseekers, jobseekers with a disability, and jobseekers in poverty; groups still unemployed at a much higher rate than the state as a whole.” said David Schmidt, Chief Economist for DETR.