Las Vegas jobless rate under 7 percent for first time since recession

Better-than-expected job growth cut the Las Vegas Valley’s jobless rate to a seven-year low in May.

The valley’s unemployment rate fell to 6.6 percent in the month, down from 7.2 percent in April and 7.8 percent in May 2014, the state Department of Employment, Training and Rehabilitation said Tuesday.

It’s the first time since June 2008 that local joblessness dropped below 7 percent.

It’s also the first time since 2008 that unemployment in Nevada’s three metro areas — Las Vegas, Reno and Carson City — came in below 7 percent.

“Overall, the metropolitan areas are moving in the right direction, mirroring the health of the state as a whole,” said Bill Anderson, the employment department’s chief economist.

Employers in Southern Nevada added 1,400 jobs from April to May and 23,100 jobs year over year.

Construction grew by the greatest share, adding 14 percent, or 6,200 jobs, year over year. Leisure and hospitality grew 2.7 percent, or 7,500 jobs. Education and health services gained 3.5 percent, or 2,900 jobs. Retail added 2.7 percent, or 2,700 jobs. And professional and business services, including law firms, accounting firms and temporary-employment agencies, expanded by 2.7 percent, or 3,200 jobs.

In all, the valley’s jobs base climbed to 909,300, up 2.6 percent from 886,200 in May 2014.

Job growth in all three of the state’s metro markets was higher than usual in the April-to-May period, Anderson said.

Job-posting activity through state workforce-development agencies spiked as well. Postings in Clark County jumped to 11,200 ads in May, up 55 percent from 7,200 postings a year earlier.

The employment department reported on June 17 that the state jobless rate had fallen to 7 percent on above-average job growth, though strong gains in the labor pool canceled out some of that job formation and kept the jobless rate relatively steady.

The valley also showed notable growth in its labor pool.

The local workforce grew by 2.3 percent, or 23,200 people, to more than 1.04 million in May.

Local jobless rates are not seasonally adjusted and can swing more widely and be noticeably higher or lower than seasonally adjusted state levels.