Despite Nevada’s unemployment rate improving, it remains statistically the worst state nationwide.
The report, produced by the Nevada Department of Employment, Training and Rehabilitation,tracks all fifty states and the District of Columbia. The District of Columbia was the only location in the study ranked below the state of Nevada.
Nevada’s unemployment rate dropped to as low as 5.5% in May. In contrast, the Silver State’s unemployment rate was as high as 5.8% in February. The District of Columbia currently sits at 5.8%.
Initial unemployment claims fell 3.4% on a month-over-month basis. In terms of year-over-year data, however, initial claims have risen 4.1%. In total, May saw 11,369 individuals filing claims. The State of Nevada ended up paying out claims of nearly $40M.
The State’s Unemployment Trust Fund surpassed $2B, which cleared its pre-pandemic levels for the first time. While DETR found the State had gained 500 positions, its labor force increased by nearly 3,500 people.
Nevada’s labor force participation sits at 63%, which is higher than the national average of 62.4%. Hourly wages have increased by 6.8% YoY, with weekly wages increasing by 7.5% over the same span of time.
Northern Nevada Dominates Southern
Despite the statewide improvement, unemployment in the Las Vegas metropolitan area surged from 5.2% to 5.5% last month.
North Las Vegas had the highest unemployment rate at 5.8%, followed by Boulder City’s 5.7% and Las Vegas’ 5.6%. Henderson had the fourth-lowest at 5.3%. Lower rates were found in Mesquite at 5.0%, and Reno and Carson City, which were tied at 4.2%. (Source)
