Nevada unemployment rate drops again in March

Nevada’s unemployment rate fell to a seasonally adjusted 4.8 percent in March, down from 4.9 percent in the previous month, state officials said this week in a statement.

March marks the second month in a row that Nevada’s seasonally adjusted unemployment rate has been below 5 percent.

It’s the lowest the rate has been since late-2007 and represents the 73rd consecutive month of year-over-year declines.

Bill Anderson, chief economist for Nevada’s Research and Analysis Bureau for the Nevada Department of Employment, Training and Rehabilitation, noted that while employment declined by a seasonally adjusted 2,100 jobs over the month, it increased by 38,000 over the year. Anderson called the annualized figure a more accurate measure of the labor market.

“This is the 75th month in a row that Nevada has experienced year-over-year employment growth,” Anderson said in the statement. “Additionally, the state is adding jobs at a faster rate than the nation as a whole. This is the 56th consecutive month that job growth has outpaced the nation.”

Nevada Gov. Brian Sandoval praised the progress noted in the report.

“The Silver State continues to show steady improvement in the unemployment rate and I’m proud to announce we’re currently ranked fourth in the nation in job growth. This month’s rate and employment numbers are significant milestones, and it’s encouraging to learn that initial claims for unemployment insurance have hit levels not seen in two decades,” Sandoval said in the statement.

Other key points in the report:

— Construction has the most percentage job growth, up 7.4 percent, or 5,400 jobs year-to-date.

— Leisure and hospitality, and professional and business services hold the largest nominal growth at 8,400 jobs.

— Initial unemployment insurance claims declined by 13 percent in March. Additionally, March’s claims activity is the lowest level for the month since 1996.

— Personal income in 2016 reached $128 billion, up 5.9 percent from 2015. This represents the strongest gain in the nation. It has increased in 26 out of the past 27 quarters, following seven straight quarters of decline during the recession.

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