Tuesday, December 21, 2004
Copyright © Las Vegas Review-Journal

STATE ECONOMY: Nevada jobless rate 3.7 percent

Unemployment in state stays near record low set in October

Click image for enlargement. Graphic by Mike Johnson.

CARSON CITY -- Unemployment in Nevada stayed near record-low levels in November, with a jobless rate of just 3.7 percent, the state reported Monday.

The unemployment rate is marginally higher than the 3.6 percent rate in October, which was the lowest since the state developed its current method of charting unemployment in 1978.

Nevada's jobless rate is far better than the 5.4 percent national rate and significantly lower than the 4.9 percent state rate recorded a year ago. Only six states have lower unemployment than Nevada, with Vermont the lowest at 3.1 percent.

"Lower unemployment, more than 50,000 new jobs created in the past year, and renewed optimism in the rural counties are positive signs for a good holiday season and a strong start for 2005," Gov. Kenny Guinn said in a statement.

"We have the best unemployment record we ever had," the governor added in an interview. "We have created more jobs. We lead the nation. We are doing a lot of things right."

Unemployment in the Las Vegas area was 3.5 percent in November, the same as October. The Reno rate was 3.0 percent, up from 2.8 percent in October.

In November 2003, Las Vegas had an unemployment rate of 4.8 percent, while the Reno rate was 3.9 percent.

The state also reported that last month, 1,148,700 people were working, while 42,000 were looking for jobs. A year earlier, 1,095,400 people held jobs in Nevada, while 54,200 were out of work.

"The start of the holiday season was a good one for Nevada's economy," said Birgit Baker, director of the state Department of Employment, Training and Rehabilitation. "Solid holiday retail hiring helped offset seasonal declines in construction and tourism."

Rural areas also posted low unemployment rates in November. The Elko area unemployment rate was 3.5 percent, down from 4.9 percent a year ago.

The Carson City area had an unemployment rate of 4.2 percent, down from 5.6 percent in November 2003. In the past year, construction businesses have added 12,400 jobs; professional and business services have added 10,100 jobs; and trade, transportation and utilities have added 8,200 jobs.

Casinos, hotels and gaming companies employed 206,200 workers in November, up slightly from the 204,900 working in the industry in November 2003. Governments employed 144,900 in November, up from 138,800 a year ago.

Mining companies employed 9,100 in November, up 300 workers from a year ago.