Las Vegas’ jobless rate tumbles; job formation surges

Unemployment fell across the Las Vegas Valley in February as job formation surged past national averages.

The valley’s jobless rate fell to 5.6 percent in the month, down from 6.5 percent in January and 7.2 percent in February 2015, the state Department of Employment, Training and Rehabilitation reported Tuesday.

Unemployment slipped below the statewide average of 5.9 percent, though local jobless rates aren’t seasonally adjusted and are more volatile than state rates.

Local employers added 22,800 jobs year over year in February, for a 2.5 percent growth rate. The national average was 1.9 percent.

Job growth surpassed the supply of new employees: The labor force grew by 1.6 percent, or 16,900 people, to nearly 1.05 million.

Most of the city’s key employment sectors gained jobs year to year.

Construction jobs grew by 10.7 percent, to 53,900 positions. Retailers added 4.5 percent to payrolls, for a count of 108,700 jobs. Education and health services expanded 9.4 percent, to 93,200 positions.

The city’s biggest employer, leisure and hospitality, was essentially flat, with a 0.9 percent drop to 276,500 jobs.

“The labor market conditions in the metropolitan statistical areas continue to follow the statewide pattern, showing favorable improvement,” said Bill Anderson, chief economist for the employment department.

Contact Jennifer Robison at jrobison@reviewjournal.com. Find @_JRobison on Twitter.