Nevada’s unemployment rate fell in January to 8.7 percent. January also marked the 37th month of year-over-year job growth, according to figures released Monday by Nevada’s Department of Employment, Training and Rehabilitation.
The unadjusted jobless rates in Carson City climbed to 10.3 percent, compared to 9.2 percent in December. The Reno/Sparks unadjusted unemployment rate was 9.1 percent in January 2014, which compares with 8.2 percent in December. Las Vegas area’s unadjusted unemployment rate was 8.9 percent in January, the same as the previous month.
Comparisons of the state’s adjusted rate to the metro areas’ unadjusted rates are invalid because the statewide rate is adjusted for seasonality and the metro areas’ rates reported today are not, said Bill Anderson, chief economist for Nevada’s Department of Employment, Training and Rehabilitation.
For comparison purposes, Nevada’s unadjusted rate was 8.9 percent in January, up from a December reading of 8.7 percent.
“I’m pleased that our first report in 2014 brings further signs of economic improvement in Nevada’s labor market,” said Gov. Brian Sandoval. “We have continued to have steady growth, and more Nevadans are working again. In the past three years, 60,700 new private sector jobs have been created in our state. While we have seen great improvements in our economy, there is still more work to be done. Growing our economy and creating jobs will continue to be among my highest priorities.”
Anderson said while there are 92,000 fewer jobs on nonfarm payrolls in January than when the recession began, economic indicators point toward continued recovery in Nevada’s economy.
“In past analysis of the Business Employment Dynamics (BED) series, we concluded that job losses had receded to pre-recessionary levels, and, more importantly, it had been a lack of job creation holding back Nevada’s recovery,” Anderson said. “Times are changing, according to the most recent data corresponding to 2013: IIQ, which shows solid job growth has begun contributing to our economic prosperity.
"Job losses from business closures are historically low, and job gains from business openings are rebounding, advancing the net change between gross job gains at opening establishments and gross jobs losses at closing establishments to levels reminiscent of the pre-recessionary period.”